February 12, 2019 / 8:16 AM / 5 months ago

Michelin shares surge after tyre maker pledges higher profits in 2019

PARIS, Feb 12 (Reuters) - Michelin’s shares rose on Tuesday after the French tyre maker pledged further gains in operating profit this year despite challenging conditions in its main markets.

Shares in Michelin, which also reported better-than-expected results for 2018 late on Monday, were up 7.5 percent in early session trading. The stock was the best performer on France’s benchmark CAC-40 index.

“Michelin is able to sustain premium price points, while concurrently gaining market share – this is the perfect recipe for earnings growth,” analysts at Citigroup wrote in a note, keeping a “buy” rating on Michelin shares.

Reporting by Sudip Kar-Gupta, editing by Louise Heavens

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