(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ rating on the Daimler Truck share, with a price target raised from 41 to 42 euros.
Ahead of its Investor Day, Daimler Truck announced ‘robust sales and broadly in line with expectations in the 2nd quarter’, reports the broker.
The manufacturer added to upgrade its forecasts for 2023 and estimates that its adjusted EBIT should come out more than 5% beyond the VA consensus. Finally, Daimler Truck is also planning a new share buyback program worth €2 billion over the next two years, adds Oddo BHF.
“Following these announcements, we are adjusting our estimates for the 2023 financial year, which implies an update of our adjusted EBIT forecasts by 7%, or 5% higher than the VA consensus,” the broker said.
“The fact that Daimler Truck was able to issue this upgrade without even reporting preliminary Q2 figures underscores the group’s strong confidence in its capability for the quarters to come.”
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