Stellantis shares climb after an upgrade from Jefferies, which says a turnaround is close

Jeep maker Stellantis is up more than 4% in early trading on Wednesday following an upgrade from Jefferies.

The automaker, which just got itself a new permanent CEO, is about to see an earnings turnaround, Jefferies analyst Philippe Houchois predicts. The firm upgraded Stellantis from “hold” to “buy.”

Stellantis’ new CEO, Antonio Filosa, named himself the head of the company’s North America business on his first day, seeking to revamp its performance in the region. In the first quarter, Stellantis’ North American net revenue fell 25%.

According to Jefferies, Stellantis’ issues are largely “self-inflicted and fixable,” contributing to the new leadership optimism.

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