Analysts Upgrade Michelin

Financial analysts MorganStanley have upgraded Michelin from Equal Weight to Overweight, which means that the stock’s total return is expected to exceed the average of those companies reported on in the same industry, over the next 12-18 months. Michelin recently published an encouraging set of figures for 2002 and the analysts believe that the shares, currently trading near an eight-year low of 24 Euros, are undervalued..