0700 GMT - Stellantis' recovery is taking time, Berenberg's Romain Gourvil and Tommy Whitfield write as they downgrade the stock to hold from buy and cut the target price to 5.10 euros from 7.80 euros. There are now legitimate questions over the carmaker's margin trajectory over the remainder of the year, especially as inventory destocking could become a volume headwind, they say. Management say improving pricing in North America, stabilizing pricing in Europe and accelerating cost-savings will help offset this, they say. However, intensifying raw material costs and still-competitive pricing conditions could offer more challenges, they add. Shares closed at 4.49 euros on Tuesday.
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