Analysts Downgrade Michelin

Market analysts MorganStanley have downgraded Michelin from “Overweight” to “Equal Weight” status. This is despite the fact that Michelin has outperformed the Autos industry by 15 per cent since February and is in response to an expected cyclical slowdown in the industry. Michelin itself has said that it expects a marked slowdown in the European market, with only winter tyres showing increased volumes, and a continued fall in the North American market.