GS sees slowing sales for truckmakers, cuts Daimler Truck to 'neutral'
** Goldman Sachs sees slowing end market demand for truckmakers and cuts its 2025 delivery estimates by about 10% on average for Daimler Truck DTGGe.DE, Traton 8TRA.DE and Volvo VOLVb.ST
** The deceleration seems to be driven above all by the U.S., the broker says
** It cuts Daimler Truck to "neutral" from "buy", noting its exposure to the U.S.; stock down 0.8% at 1118 GMT
** "We see risks of Daimler cutting guidance again at 3Q24," the broker says
** GS stays "neutral" on Traton, since Navistar self-help and good volumes at South America-focused Volkswagen Truck and Bus should help offset falling volumes at Scania and MAN, it says
** It rates Volvo "buy", seeing its upcoming CMD on Nov. 14 as an opportunity for the firm to underline its resilient margins and plans to redistribute cash to shareholders
COMPANY | RATING | OLD RATING | PT (12M) | OLD PT (12M) |
---|---|---|---|---|
Daimler Truck | Neutral | Buy | 39 Euros | 46 Euros |
Volvo | Buy | Buy | 336 Swedish crowns | 382 Swedish crowns |
Traton | Neutral | Neutral | 28.8 Euros | 29.6 Euros |
Reporting by Louis van Boxel-Woolf
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