Oddo BHF reiterates its 'outperform' rating and raises its target price for Michelin from €36 to €38, on the heels of a publication that leads it to revise its estimates upwards, and further confirms its positive view of the stock.

"The tire maker remains one of our favorite stocks in the sector, with a profile that we still consider differentiating within the sector (more defensive and offering greater visibility), while not lacking in assets", the analyst believes.

Indeed, Oddo BHF stresses 'an improvement in volume momentum still in sight, a still very solid price/mix and a best-in-class financial situation', with a valuation that remains attractive despite the share's good performance last year.

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