Bernstein cuts Stellantis to 'underperform' and lowers estimates, shares slide
STLA•Bernstein cuts rating and estimates after Q2 miss
- Bernstein cuts Franco-Italian car maker Stellantis STLAM.MI to "underperform" from "market-perform," seeing "substantial" scope for reducing estimates after its Q2 miss
- The brokerage slashes its adjusted operating income estimates for 2026, 2027 and 2028 by respectively 19%, 39%, and 31%
- It sees consensus figures cited by Visible Alpha as over-stretched, both for AOI and North America shipment levels
- It judges it necessary for the car maker to reduce production rate in the second half of 2026, given the gap between shipments and registrations in North America
- Bernstein thus cuts PT by 35.5% to €4 ($4.61) per share, pointing to an 18% downside
- Milan-listed shares in Stellantis fall around 3% and are down 50% since the start of the year
- Out of 28 analysts that cover Stellantis, four rate the stock "buy," 18 maintain a "hold" rating and six rate the stock "sell" - LSEG data
($1 = 0.8679 euros)
