Michelin Shares Receive Sell Rating
The German Helaba Trust has changed its advice for Michelin shares to a sell rating. The announcement pre-empts Michelin’s quarterly sales results, which are due to be released on the 11 February. In the first nine months of 2004 Michelin’s turnover increased 4.6 per cent to 11.7 billion euros. The analysts believe that company will record fourth quarter sales of 4.3 billion, a one per cent increase. Their report suggests that this growth has been largely driven by the commercial vehicle sector, which it predicts will have been responsible for 1.1 billion euros of that total. The trust also suggests that the company’s passenger car sales remained virtually flat, with sales only increasing 0.3 per cent or 1.9 billion euros.