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Stellantis: Jefferies cuts target price

( - Jefferies announced on Tuesday that it had lowered its target price for Stellantis shares from E26 to E25 ahead of its CMD on 13 June, while renewing its buy recommendation on the stock.

In a research note, the broker believes that the event comes at just the right time to reassure the market, which is concerned that the company's focus on profitability at the expense of volumes may not have gone too far, or that the car maker may have fallen asleep at the wheel during the successful execution of its strategy.

It believes that investors' concerns are numerous, ranging from its lack of responsiveness in the face of high inventories in the US, to a continued loss of market share, not to mention its strained relations with the rest of the sector's players.

The analyst - who reiterates that he has nothing to learn about the group's strengths - says he is raising his earnings estimates in view of the risks he sees surrounding the achievement of annual targets.

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