Michelin: Invest Securities still on hold

(CercleFinance.com) - This morning the broker said that this Q3 publication is solid, with a volume effect that just remained positive over the period, although in particular a mix/price effect that has taken off, reflecting the "pricing power" and the group's ability to pass on increases in raw materials and energy prices.


The broker notes that Michelin is maintaining its 2021 guidance. Meanwhile, analysts had increased their 2021/23 EPS estimates by +8.6%/+9.9%/+3.7% respectively after the H1 publication. They are therefore maintaining their expectations after the publication.

The broker maintains a target price of 125 euros for the share (current price: 132.6 euros, -1.1%) and reiterates its neutral rating on it, noting the erosion of the share's outperformance (+8.4% YTD and -4.7% over 3 months).



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