Michelin: Oddo BHF a buyer, cuts target price
(CercleFinance.com) - An analyst at Oddo BHF announced this morning that he is cutting his target price for the Michelin stock, noting a 'V' that is indeed more pronounced, although it is still a 'V', following the publication of May's tyre market figures and given a more cautious scenario for the year as a whole.
The broker says that if the market bottoms out at a level that is worse than it expected in 2020, the rebound in 2021 will be even greater, as evidenced in its estimates for next year, which are virtually unchanged.
Oddo BHF has therefore cut its target price for the share from 115 euros to 105 euros, which represents upside potential of 15%, thereby confirming its "Buy" recommendation on the stock.
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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.
The broker says that if the market bottoms out at a level that is worse than it expected in 2020, the rebound in 2021 will be even greater, as evidenced in its estimates for next year, which are virtually unchanged.
Oddo BHF has therefore cut its target price for the share from 115 euros to 105 euros, which represents upside potential of 15%, thereby confirming its "Buy" recommendation on the stock.
Copyright (c) 2020 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.