Deutsche Bank raised the firm’s price target on Stellantis to EUR 40 from EUR 32 and keeps a Buy rating on the shares following results which were right in line with market expectations. However, similar to peers and the firm’s expectation for OEMs, Stellantis printed a 20% beat on second half of the year free cash flow due to lower capex. Based on the strong cash generation, Stellantis raised its dividends and announced another EUR 3B share buyback program.
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Read More on STLA:
- Stellantis price target raised to EUR 26 from EUR 23 at JPMorgan
- Stellantis backs commitment of double digit adjusted operating income margin
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- Renault, Stellantis warn of need for cost cuts in ‘turbulent year,’ FT says
- Stellantis Announces Board Composition Change
