(CercleFinance.com) – Stifel downgrades its recommendation on Traton from ‘buy’ to ‘hold’ with a price target reduced from 32 to 18 euros, in the wake of adjusted industrial EBIT estimates lowered by 38% for 2022 and 22% for the following year.
“We expect a weak start to the year with MAN’s EBIT at breakeven and Scania’s margin shrinking sequentially, due to a lack of components and headwinds on costs”, says the broker before first quarter results.
Stifel therefore sees an absence of short-term catalysts for the title of the German utility vehicle manufacturer and considers its valuation as unattractive compared to those of its peers.
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