Michelin shares advanced 1.7% to €34.68 on Tuesday, extending gains after JPMorgan upgraded the stock to Overweight from Neutral.
The upgrade, issued by analyst Jose Asumendi on August 19, included a raised price target of €42 from €35. The reassessment reflects a more favorable view of European tire industry dynamics, driven by stronger-than-expected monthly sales and accelerating demand for truck replacement tires. JPMorgan also highlighted durable structural growth in Michelin’s High-Tech Polymer Composite Solutions segment as a key driver.
The stock traded within a range of €34.55 to €34.95 during the session. Its 52-week high stands at €35.72.
The upgrade follows Michelin’s half-year 2026 results, released in late July, which showed a 7% increase in operating income to €1.45 billion and an operating margin of 11.4%. The company also reported positive free cash flow, aligning with its full-year guidance.
Broader European and U.S. equity benchmarks showed little movement, with the CAC 40 essentially flat and major U.S. indices subdued.
