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研究快報:CFRA維持對Stellantis N.v.廣告的賣出意見。

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-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下:我們將12個月目標價從6.50美元下調至5.80美元,這意味著2027年的本益比為3.5倍。此次下調反映了在2026年第一季業績公佈後,我們對獲利前景更為謹慎。儘管該季度業績標誌著公司恢復盈利,但復甦速度低於我們先前的預期,尤其是在歐洲市場,持續的價格逆風抵消了Smart汽車推廣的銷售成長。因此,我們將2026年每股收益預期從1.37歐元下調至0.90歐元,並將2027年每股收益預期從2.03歐元下調至1.43歐元。這些下調考慮了去年現金支出造成的預期拖累大於預期、關稅影響將繼續壓縮北美利潤率以及歐洲市場競爭環境等因素。我們對 2027 年預測的大幅下調也表明,要實現自由現金流的正向拐點,就需要完美執行雄心勃勃的產品節奏和成本控制,而該公司尚未始終如一地證明這一點。

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