(News Bulletin 247) – Berenberg renews its buy recommendation on Valeo on Monday, with a price target still set at 24 euros, in the wake of the stock’s heavy fall on Friday.

In a research note, the financial intermediary attributes this bout of weakness to prospects for 2023 deemed too cautious as well as to the announcement by Mercedes-Benz of the choice of the American Luminar for its LiDAR remote sensing technologies, where Valeo was until now its only supplier in this area.

The analyst nevertheless believes that the French automotive supplier has a favorable momentum in terms of its order book, but also sufficient leeway to regain positive momentum.

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