Michelin: favourable trends, Oddo stays on 'buy'
(CercleFinance.com) - Oddo anticipates a more solid than anticipated 3rd quarter, and more generally 2nd quarter, in terms of volumes.
The 2020 forecasts are slightly up: +3% on adjusted EBIT, to 1.43 billion euros. The fall in volumes (-6.4%) should in fact be less than previously estimated while the price mix should remain positive (+0.8%).
The analyst also considers that the expected upturn in 2021 is still underestimated.
In this context, the broker maintains its 'buy' recommendation with an unchanged target price of 110 euros.
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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 2020 forecasts are slightly up: +3% on adjusted EBIT, to 1.43 billion euros. The fall in volumes (-6.4%) should in fact be less than previously estimated while the price mix should remain positive (+0.8%).
The analyst also considers that the expected upturn in 2021 is still underestimated.
In this context, the broker maintains its 'buy' recommendation with an unchanged target price of 110 euros.
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.