(CercleFinance.com) – Oddo BHF reaffirms its ‘outperformance’ opinion on Michelin, with a price target raised from 160 to 175 euros, after slightly raising its estimates for the tire manufacturer for 2021 and adopting an even more optimistic approach for 2022.
‘Indeed, we believe that the momentum should remain very solid in the coming weeks (publication of volumes from December to mid-January, annual results on 02/14) and conducive to upward revisions of the consensus,’ explains the analyst.
” Despite a very solid stock market performance in 2021 (+ 37%), this financial trajectory does not yet seem to us to be fully valued and calls for a continued rerating of the share (PE 2022 of only 11.2 times, EV / EBITDA of 4, 5 times) ‘, he continues.
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