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Daimler: UBS upgrades stock

( - On Friday UBS upgraded its recommendation on Daimler shares from "neutral" to "buy", having increased its target price for them from 79 euros to 100 euros.

In a report, the broker justifies its optimism by (1) a earnings momentum that it considers favourable, which could see Mercedes-Benz profits reach record levels in 2022 thanks to strong demand and the recovery of production.

The broker also highlights (2) the German group's strengths in electrification, saying that it is convinced about the future success of the EQS and the EVA2 platform, which it believes could catapult Mercedes-Benz to the top of the luxury electric vehicle segment, with 200,000 to 300,000 deliveries annually.

Finally in its comments, UBS highlights (3) the forthcoming split of the truck division, which, although not a real catalyst in its opinion, will enable the truck subsidiary to adopt a real medium-term strategic plan, after several years of poor performance.

The share is currently up over 2.5%, leaving a dull Frankfurt market behind it (-0.15%).

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