Mercedes-Benz: BofA maintains buy rating ahead of results
(CercleFinance.com) - On Monday Bank of America maintained its buy rating on Mercedes-Benz Group shares ahead of Wednesday's the German carmaker's Q2 results on Wednesday, despite reducing its target price from 80 euros to 72 euros due to the sector's recent stockmarket depreciation.
In a report, the broker said it expects adjusted Ebit of five billion euros for the past quarter, which exceeds the consensus by 13%.
Due to the ongoing economic uncertainties, BofA expects the company to maintain its full-year guidance, although says it might raise its targets after Q3.
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