Berenberg downgraded Stellantis to Hold from Buy with a price target of EUR 29, up from EUR 21. With the 2023 earnings season now over, automotive manufacturers have set the scene for a challenging 2024, the analyst tells investors in a research note. The firm cut its 2024 and 2025 automotive operating profit outlook by 4% on average. It also downgrades Stellantis to Hold, seeing little meaningful near-term upside, and upgrades Porsche to Buy, with both consensus and valuation “having rebased.”
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