Volvo initiated with an Underperform at Bernstein

Bernstein initiated coverage of Volvo (VLVLY) with an Underperform rating and SEK 270 price target The firm initiated coverage on the European Union truck makers with a negative view. The sector sits at near peak margins after three years of constrained supply and “very high pricing which is only just waning,” the analyst tells investors in a research note. The firm says 2025 “will be a cruel reminder” that the sector “remains as cyclical as ever.”