Oddo BHF maintains its 'outperform' rating on Michelin shares, with an unchanged target price of 42 euros.

The analyst cites a "solid" month for tire volumes, supporting the idea of a gradual improvement throughout the year.

Michelin remains one of our preferred choices in the sector (and our preferred choice in tires) with what we consider to be a profile that continues to differentiate it in the automotive sector (more defensive and offering greater visibility), while also displaying strengths, with an improvement in volume dynamics still in sight (and confirmed here), a price mix that remains very solid and a first-rate financial profile (FCF, balance sheet)', the broker stresses.


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