Oddo BHF maintains its 'outperform' rating on Michelin shares, with a price target raised from €38 to €40.

The analyst reports that Michelin's management anticipates a stable market scenario in the middle of the range (-2%/+2% on the three segments), which points to slightly lower volumes. Michelin expects -2/0%, while Oddo BHF expects -0.5%.

Oddo BHF points out that Michelin remains one of the sector's Top Picks, and stresses that despite the share's already good performance since the start of the year (+9%), the valuation remains attractive, especially as the focus is now more on shareholder returns.


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