Michelin's "Buy" rating has been maintained by UBS, with a target price of 43 euros, after the release of the company's third-quarter sales figures.
David Lesne, an analyst, mentioned that Michelin's performance was below expectations, resulting in a downward revision of its earnings forecast (EBIT) for the year.
The report highlights a decline in sales within Michelin's specialty business and a general weakness in demand from car manufacturers. This disappointing performance has raised concerns about the company's outlook in a challenging market environment.