UBS has reaffirmed its 'buy' recommendation on Mercedes-Benz, with its price target raised from 78 to 90 euros, a new target with a 22% upside potential for the stock, its favorite among European automakers.

In its note on the German group, the broker justifies its position by "a highly visible annual yield of around 11% (dividends and share buybacks)", as well as by "a greatly reduced risk of disruption, at least outside China".

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