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Fly News Breaks for January 7, 2019
MGDDY
Jan 7, 2019 | 07:46 EDT
JPMorgan analyst Jose Asumendi downgraded Michelin to Neutral and lowered his price target for the shares to EUR 105 from EUR 130. The European autos sector is unlikely to re-rate over the first half of the year, Asumendi tells investors in a reserved note. He expects most stocks to continue to be valued at "mid-cycle margin multiples" until the sector gains more certainty regarding global production schedules.
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