1423 GMT - Michelin's non-tire business is experiencing negative growth and its recovery is disappointing, Bernstein analysts say. Sales for the French tire company's polymers business--which makes conveyor belts--was expected to turn a corner in the second half, but this is yet to materialize and is disappointing, the analysts write. Michelin's third-quarter group volumes are expected to come in "stable to slightly positive", according to the company. Bernstein has an outperform rating on the stock and a 38 euro price target. Shares are down 0.4% at 32.96 euros.
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