Michelin Stock Drops 5.96% and Takes Second-to-Last Place in CAC 40 Behind Carrefour
The Clermont-based tire manufacturer is posting one of the steepest declines in the Paris index, following a sales publication that failed to convince the market. The decline occurs as analysts adjust their targets and the stock loses several technical reference points at once.
Michelin loses 5.96% to €31.26 during trading, while the CAC 40 advances 0.55%. Only Carrefour declines more sharply (-14.66%), placing the stock in second-to-last position in the index, well ahead of Saint-Gobain (-1.28%). The decline breaches in one stroke the 20-day moving average (down 6.77%) and the 50-day moving average (down 7.95%), with the price now 4.11% below the 200-day moving average at €32.60. The stock has also lost 7.76% over one week, after breaking through its €33.05 support level on October 19.
The move follows the publication of sales for the first nine months. Revenue stands at €19,175 million, down 0.5% (up 1.0% at constant exchange rates), with third-quarter growth of 2.2% at constant exchange rates. On October 20, Michelin confirmed its annual guidance: operating income growth for segments at constant exchange rates and scope, and more than €1.6 billion in free cash flow before M&A. Tire volumes declined 0.8% as of end-September, penalized by weakness in original equipment.
Two Analyst Opinions in Recent Days: Kepler Cheuvreux Cuts Target to €38
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Kepler Cheuvreux lowered its price target on October 19 from €40 to €38, while maintaining its buy rating. The upside potential relative to current price thus exceeds 21%. CIC Market Solutions maintained its hold rating today, with an unchanged target of €35, representing approximately 12% above the current price.
The RSI at 45.4 remains neutral despite the session, indicating that the decline has not yet pushed the stock into oversold territory. The next key reference level to monitor is the €33.05 resistance, which has become a level to recapture following its breakdown.
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.
