Outperform Rating Pushes Michelin Shares to 17-Year High - Tire Review Magazine

Outperform Rating Pushes Michelin Shares to 17-Year High

(Clacton, U.K./Tyres & Accessories) Groupe Michelin shares reached their highest price in 17 years following JPMorgan’s decision to rate the manufacturer as “outperform.”

Michelin stock in Paris rose 1.15 euros (£0.77, $1.47), or 1.8%, to 65.50 euros (£44.31, $83.84).

The shares are up 38% this year, valuing the company at about 9.39 billion euros (£6.35 billion, $12 billion). Houchoise also commented that the company’s staffing level is currently “30 per cent too high.”

Michelin managing partner, Michel Rollier, said on Oct. 18 that the company aims to report earnings before interest, taxes and one-time items equal to 10% of sales by 2010 and a 3.5% increase in annual revenue. In July, Michelin reduced its 2006 margin target from 8.8% of sales after first-half earnings were hit by higher rubber prices.

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