Jefferies downgraded Mercedes-Benz (MBGYY) to Hold from Buy with a price target of EUR 60, down from EUR 73, as part of a broader research note on European auto names. Peak capital spending at BMW this year could warrant a premium to a Mercedes-Benz, which is facing re-positioning and re-investment, the analyst tells investors in a research note. Cash returns have been a highlight of MBG’s investment case, but re-positioning is set to bring its free cash flow more in line with BMW, the firm added.
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