Michelin: Invest Securities neutral; cuts target price
(CercleFinance.com) - Invest Securities announced on Monday that it is reducing its target price for the Michelin share from 114 euros to 95 euros, observing a sharp deterioration in the group's outlook in Q4 2018.
Michelin is entering the end-of-year period that is likely to be difficult, confirming that Q3 2018 sales, although above expectations, is the last favourable publication for a few months. Based on market guidance, which the group has reduced in Q4 2018 and its indications on the trend in 2018 EBITA, the broker is cutting its 2018/20e EPS estimates by respectively -2.4%/-8.4%/-5%, Invest Securities says.
The analyst is also maintaining his neutral rating on the stock.
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.
Michelin is entering the end-of-year period that is likely to be difficult, confirming that Q3 2018 sales, although above expectations, is the last favourable publication for a few months. Based on market guidance, which the group has reduced in Q4 2018 and its indications on the trend in 2018 EBITA, the broker is cutting its 2018/20e EPS estimates by respectively -2.4%/-8.4%/-5%, Invest Securities says.
The analyst is also maintaining his neutral rating on the stock.
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.