Michelin's price target has been revised by UBS, with a reduction from 43 euros to 40 euros. Despite this adjustment, UBS maintains a "Buy" rating for the company.
The revision was made in response to Michelin's third-quarter figures, which revealed unexpected weaknesses in the specialty tire segment. Analyst Patrick Hummel took into account the lowered business targets when updating his estimates for Michelin.
The report, published on October 25, 2024, reflects UBS's ongoing analysis of the tire market's performance. The changes in Michelin's outlook highlight the challenges faced by the company in a competitive industry, particularly in its specialty tire offerings.