There's a buying opportunity in shares of Stellantis as the automaker navigates the electric vehicle transition, Bank of America said.
Analyst Michael Jacks upgraded Stellantis to buy from neutral and raised his price target, saying there are more reasons to be positive on the Netherlands-based automaker than investors expect.
We think the trajectory may prove more gradual," Jacks wrote Wednesday.
STLA 1D mountain Stellantis shares 1-day Of course, there are challenges ahead for Stellantis as it, along with other EU automakers, navigate the EV transition to meet the region's Fit for 55 climate requirements and fight competition from China.
"[We] believe Stellantis can weather the storm, and having already de-rated by 40% vs. 2016-19 levels, that the market is already pricing for worse," Jacks wrote.
Persons:
Michael Jacks, Ram, Jacks, There's, — CNBC's Michael Bloom
Organizations:
Bank of America, Chrysler
Locations:
Stellantis, Netherlands, China, North America, Tuesday's