Michelin: Invest Securities still on hold
(CercleFinance.com) - The analyst believes that the publication of Q1 2022 results was in line, or even slightly better than the consensus, marked by a very strong price/mix effect (+13.
5%).
Q1 2022 reported sales were 6,481 million euros, up 19% (vs. 6,338 million euros expected). Despite FY 2022 being marked by headwinds, including increases in material costs, the catching up of Capex, and a "short-sighted" piloting of sales prices, and assuming that the "systemic effects" on volumes resulting from the war in Ukraine do not accelerate, the group is maintaining its 2022 guidance as presented in its 2021 publication, Invest Securities says.
The broker has reduced its target price for the share to 121 euros (from 131 euros) and maintains its neutral opinion on the stock.
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