Daimler: stock falls after UBS downgrade
(CercleFinance.com) - Daimler shares fell on Tuesday after UBS downgraded its rating on the German carmaker due to fears of near-term disappointments.
UBS analyst Patrick Hummel has downgraded the stock from "buy" to "neutral" while cutting his corresponding target price from 54 euros to 52 euros.
"At the upcoming capital markets day, we expect the confident medium-term message to be combined with more near-term pain," he wrote in a research note entitled "recovery story isn't a straight line."
The analyst said he expects 10% consensus downgrades for 2020.
Around midday on Tuesday, Daimler shares were trading down 0.6% at 52.8 euros on the DAX index (+0.15%).
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