BUZZ-MS sees 'rising tide' for truck makers in 2025, ups Volvo
Laying out its 2025 outlook, Morgan Stanley says it sees a "rising tide" for truck makers, expecting better freight conditions and emissions regulations to drive upside
It sees the U.S.-Mexico tariff outcome as a key next catalyst, which will likely determine a choice between investing in Daimler Truck DTGGe.DE or Volvo VOLVb.ST
MS prefers Daimler Truck on its significant North America exposure, and keeps its "overweight" rating
Still, it upgrades Volvo to "overweight" from "equal-weight" and hikes PT by almost 20% to SEK 323 as it will benefit from emissions regulations
"Volvo presents a way to play the emissions story with less volatility post pre-buy and no exposure to potential tariffs, unlike Daimler Truck," MS says
It lowers its PT on Iveco IVG.MI on overall stock volatility and Traton 8TRA.DE on supply chain risks, but remains "equal weight" on both
COMPANY | NEW RATING | OLD RATING | NEW PT | OLD PT |
|---|---|---|---|---|
Volvo | Overweight | Equal weight | SEK 323 | SEK 271 |
Daimler Truck | n/a | Overweight | EUR 48 | EUR 44 |
Traton | n/a | Equal weight | EUR 32 | EUR 34 |
Iveco | n/a | Equal weight | EUR 12.5 | EUR 14 |
(Reporting by Anna Chaberska)
((Anna.chaberska@thomsonreuters.com))
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