Michelin's No-Surprises Update Might not be Enough to Lift Shares

Dow Jones07-28

0553 GMT - Michelin's first-half results offered no surprises, but also little to be positive about, and might not be enough to lift its shares after recent outperformance relative to peers, Bernstein analysts say. The French tire maker beat consensus expectations for first-half adjusted earnings by a narrow margin, the analysts say in a research note. It reiterated its forecast of earnings growth this year despite lower expectations for car production, they add. Michelin's shares have outperformed those of peers Continental and Pirelli, and the results might not be enough to trigger a positive market reaction, according to Bernstein. "Our view remains that [full-year] guidance is conservative and consensus is beatable--but the upgrade cycle may need to wait," the analysts say. Michelin shares are up 23% year-to-date. (adria.calatayud@wsj.com)

(END) Dow Jones Newswires

July 28, 2026 01:54 ET (05:54 GMT)

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Michelin's shares have outperformed those of peers Continental and Pirelli, and the results might not be enough to trigger a positive market reaction, according to Bernstein. \"Our view remains that [full-year] guidance is conservative and consensus is beatable--but the upgrade cycle may need to wait,\" the analysts say. Michelin shares are up 23% year-to-date. 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The French tire maker beat consensus expectations for first-half adjusted earnings by a narrow margin, the analysts say in a research note. It reiterated its forecast of earnings growth this year despite lower expectations for car production, they add. Michelin's shares have outperformed those of peers Continental and Pirelli, and the results might not be enough to trigger a positive market reaction, according to Bernstein. \"Our view remains that [full-year] guidance is conservative and consensus is beatable--but the upgrade cycle may need to wait,\" the analysts say. Michelin shares are up 23% year-to-date. 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Michelin's shares have outperformed those of peers Continental and Pirelli, and the results might not be enough to trigger a positive market reaction, according to Bernstein. \"Our view remains that [full-year] guidance is conservative and consensus is beatable--but the upgrade cycle may need to wait,\" the analysts say. Michelin shares are up 23% year-to-date. 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