Michelin: stock up as analyst raises TP
(CercleFinance.com) - The Michelin share was one of the sharpest risers in the CAC 40 in Paris on Monday, thanks to comments made by UBS, which said that it has raised its target price for the tyre-maker's share.
In its daily update released in the morning, UBS specifies that it has raised its target price for the share from 150 euros to 155 euros, while maintaining its buy rating.
The broker recalls that the tyre maker, alongside the German auto giant Volkswagen and the car parts supplier Hella, is still one of its "top picks" in the European automotive sector.
As a result, the Michelin share is up 0.7% at lunchtime today.
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