UBS upgrades Stellantis to 'buy' on 'American comeback'
UBS upgrades Stellantis STLAM.MI to "buy" from "neutral", expecting 2026 comeback in North America
The brokerage expects a 3 billion euros ($3.49 billion) increase in adj. operating income from North America next year, thanks to cost cuts and an updated business mix benefiting from less demanding emission regulation
UBS expects cash flow to turn positive after two years, with increased US production also to improve working capital
Raises PT to 12 eur/shr, versus previous target at 8.3 eur/shr
Shares in Stellantis are up 8% this morning, also after sources told Reuters that Trump administration is to propose on Wednesday the rollback of fuel economy standards
Out of 28 analysts covering Stellantis, seven rate it "buy" or higher, 17 "hold" and four "sell" or lower - data compiled by LSEG
($1 = 0.8586 euros)
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