Stellantis: HSBC cuts target price

(CercleFinance.com) - HSBC announced on Monday that it had lowered its target price for Stellantis from E18 to E15, while renewing its 'hold' recommendation on the stock.


In comments about US automakers, the broker cites "resilient" demand, but also contrasting sales dynamics between the "Big Three".

While Ford and GM posted sales that rose 6% and 2% respectively over the summer period (July-August), those of Stellantis fell by 19%, the broker points out.

In the near term, efforts undertaken by Stellantis to reduce the volume of its inventories are likely to result in pressure on prices, it warns, leading him to lower his forecasts for the group.

Judging that the consensus is still too ambitious concerning Stellantis, HSBC currently prefers GM shares, which it recommends buying, while reiterating its 'hold' recommendation on Ford shares.


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