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Fly News Breaks for July 22, 2019
VOLVY
Jul 22, 2019 | 07:14 EDT
HSBC analyst Michael Hagmann downgraded Volvo to Hold from Buy and lowered his price target for the shares to SEK 150 from SEK 170. Declining revenue will make it more difficult for the company to beat market expectations, Hagmann tells investors in a research note. The analyst sees more challenging market conditions and now forecasts a year-over-year decline in the European truck market during the second half of 2019 and a decline in the North American truck market next year. This means that Volvo is facing revenue declines and margin pressure, says the analyst.
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