RBC Capital analyst Tom Narayan upgraded Stellantis to Outperform from Sector Perform with an unchanged price target of EUR 19. The analyst is "more bullish on the story" after hosting CFO Richard Palmer in investor meetings. Stellantis is now RBC’s favorite mass-market manufacturer. Despite trading at similar multiples for Ford (F) and General Motors (GM), Stellantis generates much better operating income margins, and this includes apples-to-apples adjustments, the analyst tells investors in a research note. The firm says Stellantis is not really present in China, where competition appears to be intensifying.
Published first on TheFly
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