Michelin initiated with an Outperform at Bernstein

Bernstein analyst Harry Martin initiated coverage of Michelin with an Outperform rating and EUR 43 price target. The analyst says tires is a “fantastic business to be in” as a highly attractive part of the autos value chain. While tire companies have been quick to tout their electric vehicle tires, the reality is EVs make up a small portion of revenue and even smaller in the key replacement profit pool, the analyst tells investors in a research note.