Michelin shares clear their €34.09 resistance level and gain 1.5%
The Clermont-Ferrand tire maker posted a well-oriented session in a rising Paris market. During late morning, the stock cleared an important technical level and remains above its main moving averages.
A resistance level cleared, supported by moving averages below
Michelin rose 1.37% to €34.09 during the session, in a CAC 40 that gained 0.79%. The stock broke above its €34.09 resistance and holds above it, moving it away from its 20-day moving average (MM20) at €32.64, which it now sits 4.4% above.
The weekly gain of 2.56% shows that the move is part of a multi-day momentum, after the stock had fallen nearly 6% on October 21 following the publication of its sales.
In the CAC 40 ranking, Michelin ranks seventh, behind Saint-Gobain, LVMH and Hermès, without being among the index's strongest gainers. On October 20, when it published its nine-month sales, the group had confirmed a target of more than €1.6 billion in free cash flow before acquisitions for 2026.
A rebound that brings the stock back toward its three-month high zone
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Over one month, the share price rose 2.04%, while the three-month performance remains negative at -1.67%. The price is thus approaching the next resistance level, located at €35.17. Over one year, the gain reaches 18.08%.
In parallel, the group is pursuing a shareholder return policy: it bought back approximately €1.0 billion of its own shares over twelve months, or 4.4% of its market capitalization, according to the latest declaration read on November 5.
Michelin also launched I-TireLab on November 4, a joint laboratory endowed with approximately €4.5 million over four years with the CNRS and two universities. The €35.17 level is the stock's next technical benchmark.
SectorAutomobile et mobilité›Équipementiers automobiles
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 19 175 millions d'euros
Quarterly revenue: 19 175 millions d'euros
Revenue growth: -0,5 %
Guidance from the release
Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.
Risks mentioned
Faiblesse persistante de la Première monte, qui fait reculer les volumes pneumatiques du Groupe de 0,8 % à fin septembre, en particulier en Tourisme Camionnette en Europe et en Amérique du Nord (en Chine, les ventes du Groupe progressent sur un marché en recul de 7 %)
Concurrence des pneumatiques importés à bas prix, notamment d'Asie, qui pèse sur les marques Tier 2 en Amérique du Nord, Tier 3 dans les principales régions et sur le Poids lourd en Amérique du Sud
Faiblesse persistante des Convoyeurs, liée à la prudence des clients miniers en matière de dépenses et à la faiblesse du marché du minerai de fer, notamment en Australie
Opportunities identified
Expansion de Polymer Composite Solutions soutenue par les acquisitions de Cooley Group, Flexitallic et TexTech en 2026 (chiffre d'affaires +21,9 % publié, -2,7 % hors effet de périmètre à cause des Convoyeurs)
Activité Mines en croissance, avec des gains de parts de marché, qui compense la pression sur le Hors-la-route (segment Spécialités -0,9 % publié, +0,4 % à périmètre comparable)
Dynamique positive de la marque MICHELIN en Remplacement avec volume de +4% en fin septembre
Outlook / guidance
Management commentary: Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
