Michelin assumed at Underperform from Hold at Jefferies

Jefferies downgraded Michelin to Underperform from Hold with a price target of EUR 30, up from EUR 28, as the analyst assumed coverage of six EU stocks across trucks and tires. Tire stock valuations have diverged year-to-date in a year less impacted by price/raw materials and with the guidance catalyst now passed the firm expects the focus in the group will shift back to valuation, the analyst tells investors.