(CercleFinance.com) – Michelin sells more than 2% in Paris as Stifel reaffirms its ‘hold’ recommendation on the stock while adjusting its price target from 162 to 160 euros, based on EPS and FCF estimates lowered for 2022 and 2023, the day after the publication of the annual results.
‘The 2022 targets aim to offset another year of high cost inflation (+€1.2bn in 2022), but a surge in capex (and inventory) should unfortunately dampen FCF generation’, warns the broker.
“Overall, we don’t believe there is any buyer fuel for the stock, particularly as the stock has already rallied,” he concluded in his note summary. tire manufacturer.
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