Michelin drops 11% on 'far bigger than expected' guidance cut

Shares in Michelin MICP.PA fall around 11%, to their lowest price since December 2022, after bigger than expected guidance cut

Deutsche Bank says the cut was "far bigger than expected," Jefferies also notes that it was the largest cut in six years

Group now sees 2025 operating income of 2.6 to 3.0 billion euros, down from 3.4 billion euros previously guided

"Overall, we find the cut tough to bridge entirely from what was provided with the release," Deutsche Bank says

Peers Continental CONG.DE, Pirelli PIRC.MI and Nokian TYRES.HE also drop between 1.8% and 2.8%

If losses hold, Michelin's stock will see its worst day since March 2020; it is at the bottom of STOXX 600 .STOXX index