Stifel maintains its 'hold' rating on Michelin shares, with an unchanged target price of 35 euros.

The analyst points out that Michelin's management has reiterated its aspirations for 2030 and set intermediate targets.

The group is targeting segment operating profit (ROS) of 4.2 billion euros in 2026, 5% above analysts' pre-event consensus, and cumulative free cash flow of 5.5 billion euros, around 8% below expectations.

'The important element is probably not the 2026 target but rather the fact that the group has moderated its M&A ambitions. The overall impression is neutral, but sentiment is slightly positive as the potential risk of a major acquisition has been mitigated', stresses the broker.

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