FRANKFURT (dpa-AFX Broker) - Continental shares were able to test their recent downward trend on Monday following a buy recommendation from investment house Jefferies. The share price rose in the morning on the Tradegate trading platform by 1.2 percent to 65.88 euros compared to the Xetra close. This area is also the upper edge of the downward trend that started at the beginning of March. The 21-day line currently stands at EUR 67.45. This short-term trend indicator is still pointing downwards.

Jefferies analyst Michael Aspinall re-included Continental shares in his rating at the weekend with a "buy" and a price target of 73 euros. Tire manufacturers should benefit from structural tailwinds such as the trend towards wider tires and more technology, which will also benefit from the growth of electromobility, the expert explained. His favorite in the sector is Pirelli, followed by Continental and then Michelin. Continental shares were trading at the biggest valuation discount in years in relation to French competitor Michelin.

Michelin shares lost 0.9 percent on Tradegate to 35.11 euros compared to the Euronext closing price. It rates Aspinall as "underperform" with a target price of 30 euros./mis/nas