(CercleFinance.com) – Stellantis shares suffered the second biggest drop in the CAC 40 index on Tuesday morning on the Paris Stock Exchange in the wake of a lower recommendation from Berenberg.
At 10:40 a.m., the automobile group’s action lost 1.1% while the SBF 120 was unchanged or almost unchanged.
Berenberg announced this morning that it had lowered its recommendation to ‘hold’ from ‘buy’ so far, while raising its price target to 29 euros from 21 euros previously.
The analyst points out that the Stellantis stock has rightly caught up with the valuation delay it had until now compared to its closest comparables, but judges that its short-term upside potential is now limited.
‘The United States could also constitute a problem in the short term in terms of margins after the exceptional results that have been achieved for several years in the region,’ he adds.
With a gain of 27% since the start of the year, Stellantis has at this stage the second largest increase in the CAC 40 index this year, behind Safran (+31%).
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