JPMorgan analyst Marcus Diebel downgraded Auto1 Group to Neutral from Overweight with a price target of EUR 6.30, down from EUR 10.30. The rating change is part of the firm’s European internet 2024 outlook. Having favored the high margin, low debt names in the online classifieds sector in the past two years, the firm now turns its sector preference towards names with strong earnings momentum, higher leverage and scope for acquisitions.
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