Michelin: Jefferies downgrades


(AOF) – Jefferies lowered its recommendation from Hold to Underperform and raised its price target from 28 euros to 30 euros on Michelin as part of a study on tire manufacturers in Europe. The research office justifies its decision by the fact that Continental displays its largest discount compared to Michelin in years while Pirelli displays a discount of 2% compared to a premium of at least 90% over the last 3 years. The Italian group is the broker’s favorite stock in the sector.

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