(CercleFinance.com) – HSBC maintained its ‘hold’ rating on Stellantis shares on Thursday, which it continues to peg to a price target of 23.5 euros.
In a research note, the broker explains that it has lowered its 2024 earnings forecasts following the manufacturer’s weaker-than-expected first quarter, a disappointment it attributes to the effects of destocking.
“The management team believes that most of the correction in inventory levels has taken place,” he recalls. “We are less sure about it,” he emphasizes in turn.
In particular, HSBC fears that still high inventory levels in the United States will hurt deliveries and prices, adding that it still appears difficult to predict the effect of the group’s next launches in a car market where product offensives are increasing.
From his point of view, the share price evolution remains correlated both up and down with sales volumes and price control.
The price target still shows an upside potential of 16%.
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