Difficult trading day today for automotive stocks who pay the bill for the decline in sales recorded in September and the cautious estimates released by Goldman Sachs.
In detail, last month, in the EU28 and in the EFTA countries – Iceland, Liechtenstein, Norway and Switzerland – there were 1.123.184 cars registered, a number that represents a decline of 23,4% compared to the same month in 2017.
However, the negative data underlines the Acea, the association of European manufacturers, is not a surprise given that the introduction of the new Wltp homologation tests caused sales to grow exceptionally in August (+31,2%).
Since the beginning of the year, there have been 12.304.711 registrations, 2,3% more than in the same period last year.
As for Italy, the FCA group sold 61.882 cars in Europe in September, with a drop of 31,4% compared to the same month in 2017. The share drops from 6,2 to 5,5%. In the nine months, the group registered 825.377, 0,7% less than in the same period last year with the share equal to 6,7% (it was 6,9%).
Speaking of the estimates of Goldman Sachs, the American bank forecasts weakness for the third quarter of 2018, highlighting the possibility of downward revisions of the estimates by the main suppliers.
In this context, the positive view on CNH stands out, on which Goldman Sachs has confirmed a "buy" with a target of 15,9 euros, due to its exposure to the agricultural machinery market which is expected to recover. Instead, a "neutral" judgment for Pirelli and Ferrari.
In Piazza Affari, despite the positive forecast, the title Cnh yields 3,62%. Down too fca (-1,7%). Also on the other price lists in red Renault (-2,5%), Daimler (-1,1%), Volkswagen (-0,5%).
