(News Bulletin 247) – Daimler Truck is up nearly 2.5% in Paris while this morning Oddo BHF announced that it was maintaining its ‘outperformance’ rating on the stock with a price target raised from 41 to 42 euros.
Even before its investor day scheduled for today, Daimler Truck had announced ‘robust sales and broadly in line with expectations in the 2nd quarter’, reports the broker.
The manufacturer has updated its forecasts for 2023 estimating that its adjusted EBIT should come out more than 5% above the VA consensus. Finally, Daimler Truck has also announced 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 forecast 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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