+------------------------------------------------------------------------------+
EU Autos Have Limited Upside in 2H, Credit Suisse Says 2014-07-15 08:11:54.6 GMT
By Brian Lysaght July 15 (Bloomberg) -- European auto sales growth is slowing; 1H SAAR up 3.3%, implies flat mkt in 2H, says Credit Suisse in note. See risk to 3% 2014 sales growth forecast. * “Cautious” on 2Q earnings for automakers given continuing headwinds: FX, emerging mkts, pricing * Reiterates underperforms on BMW, Peugeot as dependent on 2H Europe volume recovery * Prefer VW on exposure to stronger German, UK mkts; Renault on budget brand Dacia (both outperform) * Daimler (outperform) may report strong y/y group Ebit growth, Mercedes Ebit margin may disappoint again on FX, costs: Credit Suisse * NOTE: ACEA reports June EU car sales on July 17 * Earlier: Peugeot Upgraded to Overweight at JPMorgan on 1H Cash, Earnings
For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>
To contact the reporter on this story: Brian Lysaght in London at +44-20-7330-7908 or blysaght@bloomberg.net To contact the editors responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net Gaurav Panchal