Jefferies downgrades its recommendation on Stellantis from 'buy' to 'hold', with a price target reduced from 25 to 15 euros, believing that 'by focusing on costs, CEO Carlos Tavares has made the group more efficient than competitive'.

'De-stocking is a requirement, but the group's track record also requires an overhaul of its go-to-market strategy and capacity adjustments that reduce balance sheet strength', judges the broker.

Overall, we're a long way from shareholder returns and Darwinian M&A transactions," continues Jefferies, which reduces its expectations for adjusted EBIT and FCF by 14% and 27% respectively for the current year.

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