Michelin climbed on Tuesday's stock market after announcing a new share buyback plan and reporting record annual operating profit of 3.57 billion euros, ahead of analysts' forecasts.

On the Paris Bourse, at around 08:00 GMT, the share was up 2.75% at 31.66 euros, compared with a 0.11% decline for the CAC 40.

Intermediary Stifel raised its target price for the Clermont-Ferrand-based group from 33.5 euros to 35.5 euros.

However, the tire manufacturer was cautious for the current fiscal year, citing an "uncertain" market environment.

(Written by Claude Chendjou, edited by Kate Entringer)