Michelin upgraded to Hold from Underperform at Jefferies

Jefferies analyst Michael Aspinall upgraded Michelin to Hold from Underperform with a price target of EUR 34, up from EUR 30. The stock has drifted lower after the first half report, though it is “clear that there are multiple levers to hit earnings,” contends the analyst. While there are medium term questions about volume growth, increasing regulation “could provide support for the technology leader,” the analyst added.