(News Bulletin 247) – Oddo maintains its outperformance rating on Michelin shares, with a price target raised from 34 to 35 euros.

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The analysis office relies on the 2022 results published last night by Michelin, ‘generally in line, with an EBIT of 3396 ME vs consensus of 3371 ME’ and with a 2022 turnover slightly higher than expected at 28.6 billion euros ( vs 28.2 bnE)

“The tire manufacturer confirms its resilient profile with still very strict management in the face of the environment (inventory management, pricing policy, in a way assumed potentially to the detriment of volumes/market share) which distinguishes it from many peers”, analyzes the broker.

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‘Michelin anticipates slightly lower volumes this year (range of -4% to 0% in a stable market scenario), in line with our estimate and that of the consensus (-2%, consensus -1.8%)’, underlines the ‘analyst.

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