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Faurecia: double downgrade by Jefferies

( - Jefferies has downgraded its recommendation on Faurecia shares directly from "buy" to "underperform", slashing its target price for them by 32% to 15 euros (cp: 17 euros, -3%), in a report on the main European automotive suppliers.

"We think the market has excess confidence in the ability of suppliers to pass through above-normal cost inflation," the broker summarised.

"In a year when OEMs are cutting prices to support demand, suppliers can't get both volume and price," it continues, cutting estimates for 2023 by over 15%, which "are >10% below cons".

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