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