CITIGROUP analysts say Mercedes‑Benz shares showed little reaction to a c.8%
drop in global auto sales in Q2, highlighting very low market expectations. The
bank says investors are likely to wait for clear evidence of stronger EBIT
margins or a resumption of buybacks before re‑entering. Mercedes sold 2,000
fewer cars in Q2 versus Q1, which points to a renewed margin squeeze after the
4.1% reported in Q1. Van volumes rose 1% to 94,000 units; that division should
deliver another solid quarter with margins near 10%. CITIGROUP rates the stock
neutral with a PT of €51.
