Berenberg downgraded Mercedes-Benz (MBGYY) to Hold from Buy with a price target of EUR 63, down from EUR 70. 2025 is set to be another difficult year for automotive manufacturers, the analyst tells investors in a research note. The firm expects original equipment manufacturers to deliver a sequential improvement in margins in Q4, but says trading volatility is likely to persist until visibility improves on existing issues. It prefers automotive makers “with supportive, cash-based valuations and/or catalysts,” and adjusted ratings in the sector.
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