Mercedes-Benz upgraded to Buy from Hold at Jefferies

Jefferies upgraded Mercedes-Benz to Buy from Hold with a price target of EUR 100, up from EUR 75. The company can “credibly commit” to return all of its cashflow to shareholders without undermining the ongoing sustainability of its business given its “protected fortress balance sheet, relatively well-invested transition strategy and a somewhat less cyclical industry,” the analyst tells investors in a research note.