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Michelin: Invest Securities cuts target price

( - The analyst believes that the tyre maker's results are below expectations in terms of EBITA, net income and FCF (close to E1bn), with business volume slipping -2.
2% that the company's three price increases have not completely managed to offset at the level of margins that are eroding in the three divisions.

Even so, guidance has been reiterated, despite a 2022 year dogged by headwinds, assuming that the "systemic effects" will not resume and that the seasonality of H2 will enables a return to very positive FCFs, Invest Securities says.

Analysts are maintaining their guidance unchanged, albeit with potential uncertainty, they add.

All said, the broker has reduced its target price for the share to 31 euros (from 32.75 euros) and confirms its neutral rating on the stock.

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