Valeo upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs analyst George Galliers upgraded Valeo to Neutral from Sell with an unchanged EUR 17 price target. The firm sees limited further downside risk to valuation multiples or estimates at this point as the stock is down by 28% since being added to the firm’s Sell list on 18th of September, the analyst tells investors in a research note. Goldman Sachs adds that it is maintaining its medium-term view around competition in both the CDA and Powertrain segments, where Valeo will need to continue to invest in order to maintain competitiveness.