Jefferies has raised its recommendation on Mercedes-Benz from 'hold' to 'buy', with a target price raised from €75 to €100, highlighting 'a protected fortress balance sheet, a relatively well-invested transition strategy and a rather less cyclical sector'.

According to the broker, these elements put the German automaker in a position to 'credibly commit to returning all cash flow to shareholders, all without compromising the continued sustainability of its business'.

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