Michelin: Oddo BHF raises target price

(CercleFinance.com) - Hailing what it says is a rare profile in 2019, (combining) double-digit earnings growth and visibility, after the integration of Multistrada, and confirming Michelin's status as a Top Pick, this morning an analyst at Oddo BHF has raised his target price for the share of the French tyre maker from 130 euros to 135 euros.


With double-digit consolidated EBIT growth in 2019, further growth in FCF generation and a valuation that remains very attractive (P/E of 9.2x and FCF Yield of 8% in 2019e), despite its rebound since the start of 2019 (+20% - the best sector performance after POM), Michelin remains one of our favourite stocks, Oddo BHF says.

The broker is therefore maintaining its buy rating on the share.



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