HSBC Cuts Stellantis Rating, Flags Recall and Inventory Risks
Shares of Stellantis slipped in Paris after HSBC downgraded the automaker from "hold" to "reduce" and cut its sum-of-the-parts target to €4 from €5.50. The broker pointed to deteriorating forecasts, a rising U.S. inventory backlog and a surge in recalls that it says undermine a clear path to a sustainable recovery.