BofA downgraded Stellantis (STLA) to Underperform from Neutral with a price target of EUR 5.50, down from EUR 7.50. The firm cites competition from Chinese electric vehicles for the downgrade. Fuel efficiency is leading to a ramp in China’s electric vehicles, the analyst tells investors in a research note. BofA believes Stellantis shares reflect too much of a recovery since the company’s turnaround is yet to be proven.
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