Mazda Motor downgraded to Sell from Neutral at Citi

Citi analyst Arifumi Yoshida downgraded Mazda Motor to Sell from Neutral with a price target of 1,000 yen, down from 1,600 yen. The analyst cites pressure on earnings from rising incentives and a “looming peak-out” in large product releases in the second half of 2024 for the downgrade. The firm also sees tariff risk in the U.S. for Mazda.