French tire manufacturer Michelin leads the gains on France's blue-chip CAC index , with their shares rising 4 percent after UBS upgrades stock from 'Neutral' to 'Buy'.
"Michelin's risk/reward profile is improving with higher returns from a more diversified portfolio than peers," UBS analysts write in a note.
Commenting on the good performance of the stock, a Paris based trader tells Reuters, "it's the UBS upgrade, it fuels a positive momentum seen in this stock over the past little while."
Michelin's shares are up a third since the start of the year, valuing the company at 11.1 billion euros ($14.3 billion).
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