Michelin: price target raised by Oddo BHF

(CercleFinance.com) - Oddo BHF has reaffirmed its 'outperform' rating on Michelin and raised its target price from ?40 to ?42, on the heels of a quarterly trading update in line with forecasts, with volumes down sharply but the price/mix still positive.


"This publication and management's message have confirmed our positive view, both in terms of short-term trends and the increasingly assertive strategy of focusing on value versus volumes", explains the analyst.

The tire maker remains one of our favorite stocks in the sector, with a profile that we still consider differentiating within the sector, while at the same time not lacking in assets", continues Oddo BHF, pointing to a still attractive valuation.

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