(CercleFinance.com) – While maintaining its ‘hold’ recommendation on Michelin, Stifel increases its price target from 33.5 to 35.5 euros, in the wake of an adjustment of its EPS sequence until 2025 from 5.5% on average for the tire specialist.
‘Adjusted EBIT for 2023 beat lowered expectations by 4%, thanks to a favorable cost wind, while free cash flow did not disappoint’, notes the broker the day after the publication of the annual results.
‘Michelin modestly remunerates shareholders with a dividend of 1.35 euros and a share buyback program of up to one billion euros (over three years), while management sees no reason to accelerate the debt reduction,’ he adds.
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