On Thursday, HSBC maintained its 'hold' recommendation on Stellantis shares, with a target price of 23.5 euros.

In a research note, the broker explains that it has lowered its earnings forecasts for 2024 following the automaker's weaker-than-expected first quarter, a disappointment it attributes to the effects of de-stocking.

"The management team believes that the bulk of the inventory correction has taken place", it points out. We're not so sure," he adds.

HSBC fears that the still-high inventory levels in the US will penalize deliveries and prices, and adds that it still seems difficult to predict the effect of the Group's forthcoming launches in an automotive market where product offensives are multiplying.

From his point of view, the evolution of the share price remains correlated, both upwards and downwards, to sales volumes and price control.

His price target still shows potential upside of 16%.

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