(News Bulletin 247) – Goldman Sachs on Monday raised its advice on Michelin from ‘neutral to ‘buy’, with a price target raised from 27 to 35 euros, which shows an upside potential of around 20% .
In a research note, the American investment bank notes that the French tire manufacturer’s stock has underperformed the sector, as have its competitors Continental and Pirelli, since the start of the year, a difference that the analyst attributes to the cautious outlook communicated by the Clermont-based manufacturer.
But after a first quarter that it expects to be difficult, Michelin should take advantage, starting in the second quarter, of a recovery in its volumes, a favorable effect on the level of prices and a decline in the costs of raw materials and transport, underlines the New York firm.
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