Valeo downgraded to Hold from Buy at Stifel

Stifel analyst Pierre-Yves Quemener downgraded Valeo to Hold from Buy with a price target of EUR 11.30, down from EUR 22. The firm says its “value call” has not played out as favorably as expected, since debates have been dominated by short- to medium-term concerns while cost improvement and deleveraging are slowing as region powertrain mix deteriorates. The analyst does not expect any significant recovery in the share price in the coming quarters.