Daimler dips on Goldman's sell rating

Tuesday, 16. July 2019 10:26

Daimler AG deepened the loss in early trade on Tuesday against the backdrop of reinitiated coverage by analysts at Goldman Sachs. The automotive giant was given a sell recommendation with a price target of €42 per share. The challenges, following a profit warning, are not yet reflected in consensus, the report said and estimated the 2021 targets are too optimistic. Earlier, the company's stock was downgraded to €50 from €53 by Independent Research while Pareto slashed the level to €48 per share from €53 and changed the grade to hold from buy.

The manufacturer of Mercedes cars was one of the worst performers in the DAX index since the start of the session, losing 0.92% to €46.09 at 10:11 am CET after dipping to as low as €45.85 per share. The company touched €44.54 per share on July 12, its lowest level since January 2. It is only 0.39% up since the end of last year, compared to the 17.37% rally in the benchmark.

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