Oddo BHF maintains its 'outperform' rating and 42-euro price target on Michelin, 'still a Top Pick in the sector', looking back on the company's Investor Day (CMD), during which it highlighted 'a convincing strategy that is still bearing fruit'.

The new 2026 targets came in above expectations (e.g. +5% EBIT) and reflect the margin for improvement still present on the financial front", notes the analyst, who still sees the company's positioning as attractive in the current environment.

"This is now accompanied by an increasingly best-in-class approach to competitiveness, and therefore by more marked and record financial progress, but not yet fully reflected in the valuation", he continues.

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