Michelin: freewheeling

Photo credit © Michelin

(Boursier.com) — Michelin camped below 35 euros this Wednesday, while Morgan Stanley overweighted the tire manufacturer by adjusting its target from 37 to 39 euros. Goldman Sachs remains a buy on the group with a price target adjusted to 37 euros. Jefferies had previously downgraded the stock to ‘underperformance’ by targeting 30 euros. The analyst explained that the Clermont-based group is currently trading at the highest premium compared to Continental, and also with a premium compared to Pirelli for the first time in 3 years. The broker favors the Italian firm which focuses on the most profitable areas and has the best exposure of profits to positive trends in the mix…

Furthermore, HSBC maintains the file with a target of 32 euros. In a previous note on the automotive sector, JP Morgan raised its recommendation on the group to ‘neutral’.

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