Morgan Stanley upgraded Mercedes-Benz to Overweight from Equal Weight with a price target of EUR 90, up from EUR 70. The firm named Mercedes-Benz its news top pick within European autos as it downgraded its industry view from In-Line to Cautious. Mercedes will be impacted by margin pressure, but this appears already priced into the shares, the analyst tells investors in a research note. The firm says the company’s “aggressive” share buyback programmed implies an attractive 12% total yield in 2024, and the possibility of asset disposals could extend that still further.
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