Michelin reports stronger half-year earnings, Bernstein keeps Outperform rating

French tyre manufacturer Michelin announced semi‑annual results that beat expectations, with operating profit rising 7% to €1.45 billion and free cash flow exceeding forecasts, delivering an 11.4% operating margin.

In response, US analyst firm Bernstein Research reaffirmed its "Outperform" rating on the shares and set a price target of €38, noting the modest outperformance of earnings and cash flow.