Citi lowered the firm’s price target on Valeo (VLEEY) to EUR 10.50 from EUR 10.80 and keeps a Neutral rating on the shares. The firm said that, with the range of outcomes very wide, it prefers tire names in 2025 where free cash flow, cash returns, and tariff risks are appreciably lower. The firm sees a challenging outlook for EU suppliers on volume uncertainty, competition/net pricing and leverage concerns, with absolute downside risks reduced somewhat by consolidation optionality, valuations, and self-help.
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