Michelin downgraded to Neutral from Buy at UBS

UBS downgraded Michelin (MGDDY) to Neutral from Buy with a price target of EUR 30, down from EUR 33. Michelin’s shares have rebounded after the October profit warning, largely due to an accelerated share buyback program that has temporarily supported the stock, the analyst tells investors in a research note. With the buybacks ending soon, performance is expected to normalize, and the firm’s Neutral stance reflects concerns about downside to 2025-2026 estimates, less compelling capital allocation, and limited prospects for a valuation re-rating until there is clearer M&A visibility.