Michelin's price target has been revised by UBS, with a reduction from 43 euros to 40 euros. However, UBS still maintains a "Buy" rating for the company.
The adjustment in the price target is a result of 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, highlights the challenges that Michelin is currently facing in the market. Despite the target reduction, UBS's "Buy" rating indicates confidence in Michelin's long-term potential, even though there may be short-term setbacks.