Stellantis: Berenberg downgrades stocck

(CercleFinance.com) - Stellantis shares suffered the second biggest drop in the CAC 40 index on Tuesday morning on the Paris Bourse, in the wake of a recommendation downgrade by Berenberg.


In late morning trading the automotive group's shares were down 1.1%, while the SBF 120 was virtually flat.

Berenberg nnounced this morning that it had downgraded its recommendation to 'hold' from 'buy', while raising its target price to E29 (from E21).

The analyst points out that Stellantis shares have rightly caught up with the valuation lag they had previously suffered in relation to their closest comparables, but considers that their short-term upside potential is now limited.

The UScould also be a short-term problem in terms of margins, after several years of exceptional results in the region, he adds.

With a 27% gain since the start of the year, Stellantis is currently the second-biggest riser in the CAC 40 index this year, behind Safran (+31%).


Copyright (c) 2024 CercleFinance.com. All rights reserved.