Royal Bank of Canada announced on Friday that it had downgraded its opinion on Michelin shares from 'outperform' to 'sector perform', with the target price maintained at 28 euros.

In a research note published this morning, RBC explained that it had a long-term view of the stock, particularly in view of the manufacturer's price control and the potential for revaluation in specialty tires.

However, in view of the contrasting short-term factors and the weakness in replacement tires, we do not expect any immediate price increase", adds the analyst.

Note that Jefferies' analysts raised their price target from €33 to €34 on Friday, while renewing their buy recommendation on the stock.

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