Michelin Shares Climb 2.5% Approaching the €35 Threshold
The Clermont-based manufacturer continues its momentum into mid-morning, reaching a level not seen for several months. This movement is accompanied by a target price adjustment from a major European bank, which supports the trajectory of the stock.
Deutsche Bank Raises Target to €36 and Reverts to Buy Rating on the Stock
Michelin shares gained 2.53% to €34.86 in mid-morning trading, in a CAC 40 that was down by 0.18%. On Friday, Deutsche Bank raised its target price from €34 to €36, with a buy rating, representing a potential of about 3.3% beyond the current price. At the same time, CIC Market Solutions raised its target to €35 while remaining Neutral.
Analyst opinions thus converge around the same level, around the round threshold of €35. Today's movement follows the completion on Tuesday of the acquisition of Tex Tech Industries, an American case that expands the Polymer Composite Solutions division and was already praised by the market the day before.
The Stock Crosses the €34 Mark and Posts +10.5% Over a Month
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The stock has risen by 10.54% over a month and 16% over three months, a dynamic that now places it above its three main moving averages: the MM20 at €33.21, the MM50 at €32.16, and the MM200 at €30.45. The gap with the latter exceeds 14%, indicating a decidedly bullish underlying trend. The RSI at 68 approaches the overbought zone without entering it, while the next psychological threshold is at the round €35, less than one percent from the current price.
The Paris session remains mixed, with a CAC 40 that is eroding despite a falling VIX at 15.97. The next concrete appointment for the stockholders: crossing (or not) the €35 threshold, which coincides with the target set by CIC Market Solutions.
Les équipes de Michelin peuvent être fières de leurs performances sur ce premier semestre : notre Groupe enregistre une nette amélioration de la dynamique des ventes.
Le chiffre d'affaires semestriel atteint 12,7 milliards d'euros, en repli de 2,6 % en publié mais en hausse de 0,5 % à taux de change constants, l'effet devise pesant pour -3,1 %. Le résultat opérationnel des secteurs s'élève à 1,45 milliard d'euros (marge de 11,4 % contre 11,1 % au premier semestre 2025), en progression de 103 M€ (+7 %) à périmètre et parités constants. Le cash-flow libre avant M&A ressort à +282 M€ contre -102 M€ un an plus tôt. Par segment : Consommateur 6 926 M€ (marge 12,5 %), Transport 2 813 M€ (marge 5,9 %), Spécialités 2 220 M€ (marge 14,1 %), Polymer Composite Solutions 728 M€ (+14 %, marge 13,6 %). Le ratio d'endettement net s'établit à 26 %.
Risks mentioned
Effet de change particulièrement défavorable, pesant pour -3,1 % sur le chiffre d'affaires
Marchés Première monte encore déprimés, notamment aux Amériques pour le Transport
Marché de la première monte Agricole au plus bas depuis 10 ans
Hausse des coûts industriels et logistiques liée à l'inflation et aux droits de douane
Opportunities identified
Succès des nouvelles gammes MICHELIN Primacy 5 Energy et Pilot Sport 5 Energy
Volumes de la marque MICHELIN en hausse de 5 % au Remplacement
Trois acquisitions structurantes finalisées en Polymer Composite Solutions
Croissance du Mining, de l'Avion et des activités Deux-roues
Transformation du portefeuille vers des marchés moins cycliques et à forte valeur ajoutée
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