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

** Shares in Michelin ML 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 CON, Pirelli PIRC and Nokian TYRES 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 SXXP index