(CercleFinance.com) – Faurecia drops more than 3% under the weight of a double downgrading of recommendation at Jefferies, from ‘buy’ to ‘underperformance’, on the title of the automotive supplier, with a price target lowered by 32% to 15 euros.
‘We believe that the market has excessive confidence in the ability of suppliers to cope with higher than normal cost inflation’, judges the broker in a note devoted to the main European equipment manufacturers.