Mobico Group PLC (MCG:LN) PT Lowered to GBP1 at HSBCThe analyst commented: "Further profit downgrades would not be ideal, but would likely be limited in scope, and there's still potential to get back towards our old 2024e forecasts if volume recovery and pricing trends remain strong. We are also encouraged by the cost reduction programmes that have landed. Even after building in a GBP20m increase in the hybrid in 2026, the shares look inexpensive to us on 4x 2026e P/E, 8x EV/EBIT. There is some way to go, but we do see potential catalysts (e.g. school bus disposal, UK bus subsidy renegotiation, possible German subsidy renegotiation) that could help Mobico turn the corner. We retain our Buy rating, and cut our TP to 100p (from 120p) to reflect the new estimates."