Michelin: Oddo raises target price with 'solid' publication
(CercleFinance.com) - Oddo says that Michelin's results, published last night, are "solid and promising", with the broker in particular highlighting the financial performance achieved in the second half of 2020, with "an adjusted EBIT that is 20% higher than expected, FCF outperforming by over 40% higher and a pleasant surprise regarding its dividend.
The broker says that this solid publication has confirmed its positive opinion about the share, with it maintaining its 2021 estimates above the consensus (+3%) and the company's guidelines - mainly due to higher price-mix assumptions and cost reductions, it adds.
Following this publication, Oddo unsurprisingly maintains its outperform rating on the share, increasing its corresponding target price to 140 euros, from 115 euros previously.
The Michelin share is up over 0.5% in early trading on Tuesday, in a flat market.
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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 this solid publication has confirmed its positive opinion about the share, with it maintaining its 2021 estimates above the consensus (+3%) and the company's guidelines - mainly due to higher price-mix assumptions and cost reductions, it adds.
Following this publication, Oddo unsurprisingly maintains its outperform rating on the share, increasing its corresponding target price to 140 euros, from 115 euros previously.
The Michelin share is up over 0.5% in early trading on Tuesday, in a flat market.
Copyright (c) 2021 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.