Michelin: Bryan Garnier maintains 'Buy'
(CercleFinance.com) - Bryan Garnier confirms its 'Buy' recommendation and its fair value of 146 euros for the Michelin share, considering that the risk/return ratio seems rather attractive at current stock-market prices.
“Last night, Michelin unveiled performance in line with market expectations, despite strong headwinds in terms of exchange rates. As expected, organic sales growth and operating profit growth come from the effects of the price-mix and speciality activity,” notes the broker.
The financial intermediary also states that the 2018 objectives were reiterated by the French tyre giant, “implying strong growth to be expected in the second half of the year in terms of operating profits and results”.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
“Last night, Michelin unveiled performance in line with market expectations, despite strong headwinds in terms of exchange rates. As expected, organic sales growth and operating profit growth come from the effects of the price-mix and speciality activity,” notes the broker.
The financial intermediary also states that the 2018 objectives were reiterated by the French tyre giant, “implying strong growth to be expected in the second half of the year in terms of operating profits and results”.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.