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Michelin: Barclays downgrades to 'underweight

(CercleFinance.com) - On Friday, Barclays downgraded its recommendation on Michelin shares from 'overweight' to 'underweight', with a price target lowered from ?36 to ?34.


In a wide-ranging study devoted to the automotive sector, the financial intermediary justifies its downgrade by its desire to 'rotate' in favor of a more offensive positioning.

From an operational point of view, however, the analyst concedes that Michelin - like other tire manufacturers positioned at the top end of the market - has been able to keep its promises by protecting its earnings and cash flow in the face of soaring inflationary pressures and costs.

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