Auto1 Group downgraded to Hold at HSBC after ‘mixed’ Q2 results

HSBC analyst Christopher Johnen downgraded Auto1 Group to Hold from Buy with a price target of EUR 9, up from EUR 8.50, after Q2 results that were “mixed.” While the firm continues to believe that AG1 is “still very much in control of its own destiny” and on track to continue to win market share in European used car transactions, unlike some of its peers, it still prefers to take a breather and move to the side-lines as it views AG1 as a momentum stock and doesn’t think Q3 will show a significant improvement over Q2.