German multinational automotive firm Daimler’s (DDAIF) subsidiary Daimler India Commercial Vehicles (DICV) has created the transformation management office (TMO). DICV makes and sells commercial vehicles in India.
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The office will be responsible for strategic initiatives and transformational topics, particularly related to company culture, digitalization, new business models, external partnerships and internal business processes.
The Chief Information Officer (CIO) of DICV, Chulanga Perera, will lead the office as Head of Strategy and Chief Transformation Officer until a new CIO is appointed. (See Daimler stock chart on TipRanks)
The CEO and MD of DICV, Satyakam Arya, said, “With our dedicated Transformation Management Office, we aim to drive DICV’s next phase of growth and cement BharatBenz’s position as a leader in the Indian commercial vehicles industry.”
Daimler’s shares closed 4.5% down at $86.43 on Tuesday.
J.P. Morgan analyst Jose Asumendi recently maintained a Buy rating on the stock with a price target of $118.2 (36.8% upside potential). The analyst expects the company to report earnings per share (EPS) of $4.01 in the third quarter.
Overall, the stock has a Strong Buy consensus based on 13 Buys and 3 Holds. The average Daimler price target of $113.03 implies 30.8% upside potential from current levels. The company’s shares have gained 105.3% over the past year.
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