Michelin: Morgan Stanley maintains overweight recommendation
(CercleFinance.com) - Morgan Stanley is maintaining its "overweight" recommendation on Michelin shares, with a price target of 115 euros, ahead of the tyre maker's first quarter sales presentation, scheduled for 26 April.
In its comments, the US broker said it expects sales to be flat year-on-year, forecasting 5,329 million euros.
According to the broker, favourable effects linked to growth in volumes (+5.2%) and the price/mix (+0.7%) should be neutralised by negative FX factors (-5.9%).
Morgan Stanley also said that it does not expect any revision of the 2021 outlook for the tyre manufacturer, which at the beginning of the year set an annual operating profit target for its sectors of over 2.5 billion euros at constant exchange rates, a figure that is in line with the consensus of 2.6 billion euros.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In its comments, the US broker said it expects sales to be flat year-on-year, forecasting 5,329 million euros.
According to the broker, favourable effects linked to growth in volumes (+5.2%) and the price/mix (+0.7%) should be neutralised by negative FX factors (-5.9%).
Morgan Stanley also said that it does not expect any revision of the 2021 outlook for the tyre manufacturer, which at the beginning of the year set an annual operating profit target for its sectors of over 2.5 billion euros at constant exchange rates, a figure that is in line with the consensus of 2.6 billion euros.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.