Michelin: Stifel still on 'hold'
(CercleFinance.com) - Stifel maintains its "hold" rating on Michelin shares, with an unchanged target price of 148 euros.
The broker expects sales of 5.87 billion euros (i.e. 6% growth) in Q3, mainly driven by prices, while the momentum of volumes should slow (+2%).
Although the group fears that tougher times are ahead, including high inflation in 2022, Michelin is committed to offsetting each euro of inflation with proportional price increases, Stifel says.
As such, the analyst has slightly reduced his EPS sequence, expecting an average fall of -1% through to 2023.
The share is currently up 1.4% at 133.4 euros in Paris.
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.
The broker expects sales of 5.87 billion euros (i.e. 6% growth) in Q3, mainly driven by prices, while the momentum of volumes should slow (+2%).
Although the group fears that tougher times are ahead, including high inflation in 2022, Michelin is committed to offsetting each euro of inflation with proportional price increases, Stifel says.
As such, the analyst has slightly reduced his EPS sequence, expecting an average fall of -1% through to 2023.
The share is currently up 1.4% at 133.4 euros in Paris.
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.