Michelin Shares Drop 1.96% After Deutsche Bank Lowers Price Target
The stock of the Clermont-based manufacturer declines in mid-morning trading, in a downward trending Paris market. The CAC 40 is down 1.25% during the session, and the SBF 120 loses 1.11%. An analyst note published this Thursday contributes to the movement.
Michelin shares drop 1.96% to €30.54, down from €31.15 at the previous close. Deutsche Bank has lowered its price target this Thursday from €35.00 to €34.00, while maintaining a 'buy' recommendation. The new target represents a theoretical potential of approximately 11.3% relative to the current price. The move comes in the wake of the first quarter 2026 sales release. Mid-April, Barclays and Morgan Stanley had already disagreed on the valuation of the Clermont-based group. Over seven days, the stock has lost 4.14%. The sector context remains challenging. Brent crude is trading at $124.64, its highest since March 2022, amid a prolonged blockade of the Strait of Hormuz. This surge in hydrocarbons is impacting production and transportation costs across the automotive sector broadly.
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The decline brings the stock below its 50-day moving average, which is at €31.27. However, the price remains above the 200-day moving average at €30.31, which keeps the medium-term orientation at a barely positive level. The RSI at 60 remains in a neutral zone, without any extreme signals. The Bollinger Bands frame the stock between €28.23 and €32.94, with the price positioned in the middle of the channel. The identified support at €28.45 remains more than 6% away from the current price. In the short term, focus shifts to the general meeting scheduled for May 22, 2026, followed by the half-year results expected on July 27, 2026.
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.
