On Monday, HSBC maintained its Buy recommendation on Mercedes-Benz, with its price target revised upwards from 82 to 85 euros, believing that the group's latest publication had provided the clarifications it was looking for.

The broker recalls that the automaker has acknowledged that it expects a "difficult" 2024 financial year, but believes that the launch of an attractive share buyback program reflects its confidence in a long-term perspective.

The broker adds that the presentation of 'more realistic' electrification targets, due to the slowdown in demand, also bodes well for the company's future profit margins.

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