(News Bulletin 247) – Oddo maintains its outperformance rating on Michelin shares, with an unchanged price target of 35 euros.
During a virtual CMD aimed at taking stock of its 2030 strategy, management confirmed its ambitions while indicating that it was “well in line with this trajectory”, reports Oddo.
The exercise made it possible to reaffirm the group’s positioning, its strategy in the three areas presented at the 2021 CMD (tyres, around the tire and outside the tire) but also to review the M&A policy that it intends to pursue (around and out of the tyre), while maintaining its leadership in the tyre.
‘We maintain our Outperformance opinion, judging Michelin’s positioning attractive in the current environment (value focus, technological leadership, sustainable development approach) but also beyond tires with a relevant growth strategy (taking advantage of this technological positioning to grow in other markets)’, concludes the analyst.
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