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Volvo stock maintains Market Perform rating from Bernstein

Published 17/10/2024, 09:26 pm
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Bernstein SocGen Group has maintained its Market Perform rating on Volvo (OTC:VLVLY) Car AB (VOLCARB: SS) with a steady price target of SEK28.00.

The firm's analyst provided insights after attending the Paris Motor Show, noting the European auto industry's ongoing existential debates.

Volvo Car, owned by China's Geely, was highlighted for its position at a critical juncture, given its ambitions and focus on electric vehicles (EVs).

The analyst pointed out that while Volvo Car is facing future challenges with tariff implementations on models produced in China, the company is not immune to broader market dynamics. This is evidenced by the recent significant slowdown in the automaker's retail sales growth.

Despite the introduction of new models and Volvo's niche market position, the analyst emphasized that the current market conditions make the stock challenging to own in what is anticipated to be a year filled with uncertainties.

The firm's report, which primarily addressed housekeeping adjustments for the third quarter, suggested that the quarterly results are somewhat overshadowed by the larger issues facing the auto sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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