Stellantis In Hot Water: Analyst Downgrades Stock Due To Downward Pricing Pressure And Inventory Issues
Stellantis In Hot Water: Analyst Downgrades Stock Due To Downward Pricing Pressure And Inventory Issues
RBC Capital analyst Tom Narayan downgrades Stellantis (NYSE:STLA) from Outperform to Sector Perform, lowering the price forecast for the Paris-listed stock to 13 euros ($14.25) from 17 euros.
RBC資本分析師湯姆·納拉揚將斯泰蘭蒂斯（NYSE:STLA）的評級從表現優異下調至板塊表現，將這家巴黎上市公司的股價預測從17歐元下調至13歐元。
The analyst notes that if the company can resolve its inventory issues without sacrificing prices, margins could rebound to double digits, which would be competitive with Ford Motor Company (NYSE:F) or General Motors Company (NYSE:GM).
分析師指出，如果該公司能夠解決其庫存問題而不犧牲價格，利潤率可能反彈至兩位數，這將與福特汽車公司（紐交所:F）或通用汽車公司（紐交所:GM）競爭。
Stellantis' U.S. dealer inventories improved in September, decreasing to 90 days from 94 in August and 109 in July, with a goal of reaching the mid-70s by year-end.
斯泰蘭蒂斯的美國經銷商庫存在九月有所改善，從八月的94天下降到90天，七月的109天，目標是在年底達到70多天。
Also Read: Stellantis Recalls More Than 129K Ram 1500 Trucks
此外閱讀：斯泰蘭蒂斯召回超過12.9萬輛Ram 1500卡車
A concern for investors is that pricing may need to decrease in the second half of the year if production cuts prove insufficient, Narayan notes.
投資者擔憂的是如果生產削減不足，價格可能需要在下半年下降，納拉揚指出。
If the company reduces its inventory by 200K, it could balance out the overcapacity from 2023, leading to a 200K increase in volumes for 2025. The return of the Dodge Charger in the U.S., after selling about 100K in 2023, could add another 50-100K in sales.
如果該公司減少20萬庫存，可以抵消2023年產能過剩，帶來2025年產量增加20萬。道奇Charger在美國重新銷售後，2023年銷量約爲10萬，可能再增加5-10萬銷量。
The analyst has revised earnings before interest and taxes (EBIT) margin estimates for the second half of the year to 2.8%, down from 9.1%, and reduced the 2024 EBIT margin forecast to 6.6% from 9.5%.
該分析師已經修訂了上半年的息稅前利潤（EBIT）利潤率預估，從9.1%下調至2.8%，並將2024年的EBIT利潤率預測從9.5%降至6.6%。
For 2025, the analyst no longer assumes the 2.8% second-half 2024 run-rate and now forecasts EBIT margins at 6.5%, down from 9.5%.
對於2025年，該分析師不再假設2024年下半年的2.8%的運行率，現在預測EBIT利潤率爲6.5%，從9.5%下調。
The analyst, however, remains optimistic about the stock's long-term potential, citing its limited exposure to China, strong positioning in Europe regarding CO2, and a solid product lineup in the U.S.
然而，分析師對該股的長期潛力仍然持樂觀態度，指出其在中國的有限暴露、在歐洲的CO2方面的強勢定位以及在美國的穩健產品陣容。
However, as mentioned in the RBC Elements analysis, Narayan specifically cautioned that downward pricing pressure is likely, which could further impact already revised FY25 estimates. The analyst moves to the sidelines for now.
然而，正如RBC Elements分析中提到的，納拉揚特別警告稱，下行定價壓力可能會加劇，這可能進一步影響已經修訂的FY25估計。分析師目前暫時觀望。
Price Action: STLA shares are trading higher by 1.83% to $13.32 on the NYSE at last check Friday.
股價走勢：STLA股票在上週五最後一次查詢紐約證券交易所時，上漲1.83%，至13.32美元。
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譯文內容由第三人軟體翻譯。