Zacks Research Downgrades Michelin (OTCMKTS:MGDDY) to Strong Sell

Key Points

• Zacks Research downgraded Michelin (OTCMKTS:MGDDY) from a "hold" to a "strong sell" in a research note issued Wednesday.
• Analyst coverage remains mixed — the consensus is an average "Hold" with one Buy, six Holds and one Sell, while firms like Citigroup have a Buy and Barclays recently moved to Equal Weight.
• Shares opened at $18.75 and were trading down about 1.0%; the 12‑month range is $14.82 to $20.48 with 50‑day and 200‑day simple moving averages near $17.90 and $17.48 respectively.

Michelin (OTCMKTS:MGDDY - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. Berenberg Bank initiated coverage on Michelin in a research note on Tuesday, January 13th. They set a "hold" rating on the stock. Citigroup restated a "buy" rating on shares of Michelin in a research note on Thursday, January 29th. Finally, Barclays upgraded Michelin from an "underweight" rating to an "equal weight" rating in a research note on Tuesday, April 14th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Michelin presently has an average rating of "Hold".

Michelin Trading Down 1.0%

MGDDY stock opened at $18.75 on Wednesday. Michelin has a twelve month low of $14.82 and a twelve month high of $20.48. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.90 and a quick ratio of 1.22. The firm has a 50 day simple moving average of $17.90 and a 200-day simple moving average of $17.48.

Michelin Company Profile

Michelin OTCMKTS: MGDDY is a French multinational tire manufacturer founded in 1889 and headquartered in Clermont-Ferrand, France. Over more than a century the company has grown into one of the world’s leading tiremakers, serving passenger car, truck, motorcycle, bicycle, agricultural, construction and aviation markets. Michelin has a global footprint with manufacturing facilities, research centers and commercial operations across multiple regions to supply OEMs, replacement markets and large commercial fleets.

The company’s core business is the design, manufacture and sale of tires and related products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.