Michelin upgraded to Buy from Hold at Jefferies

Jefferies analyst Michael Aspinall upgraded Michelin (MGDDY) to Buy from Hold with a price target of EUR 43, up from EUR 36. Tires were resilient in Q1 again despite significant macro and tariff volatility, while Goodyear’s (GT) SKU and brand commentary reinforced the firm’s view that complexity and brands are the keys to pricing power, the analyst tells investors. The firm cites relative performance and relative valuations for its ratings changes among European tire makers.