Jefferies reaffirms its 'buy' recommendation on Stellantis, raising its target price from €24 to €26, explaining that it sees Toyota as a perhaps more appropriate comparable than its Detroit-based peers.

The broker justifies its preference for the Japanese company as a point of comparison for the Franco-Italian automaker, by citing its 'comparable global presence, high profitability, capital efficiency and balanced strategic thinking'.

2024 should be a year of share consolidation, earnings and possibly mergers and acquisitions, but the Investor Day on June 13 will also be an opportunity to relaunch an investment case", believes Jefferies.

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