UBS confirms its Buy recommendation on the share, with an unchanged target price of E37, following the announcement of figures for 2023. The price target represents a potential upside of 20%.

The analyst believes that the conservative forecasts for fiscal 2024 offer scope for further upgrades.

Figures for fiscal 2023 are solid, despite lower volumes. Orientation is cautious for fiscal 2024, says UBS.

For 2024, Michelin's objective is to achieve segment operating income in excess of €3.5 billion at constant exchange rates and reported free cash flow before acquisitions in excess of €1.5 billion.

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