Michelin: Barclays raises target price
(CercleFinance.com) - On Monday Barclays maintained its "overweight" rating on Michelin shares, while increasing its corresponding to 35 euros, from 30 euros previously.
In a report, the broker said that it has revised its forecasts for the tyre manufacturer for 2022/2025 following the publication of its Q3 sales figures.
Despite a more cautious approach to volumes, analysts firmly believe that pricing momentum and the ability to grow earnings at constant exchange rates in 2023 are poorly priced in, the analyst said.
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