Volvo Cars (Hold, TP: SEK28.00) - We eye guidance cut
With Q3 retail sales 8% below consensus (already reported), we see a risk that Volvo Cars will lower its 2024 guidance of 12–15% YOY growth. We are 7% below consensus on Q3 sales, 10% below on gross profit and 46% below on EBIT before JVs, and for 2024–2026e are 20–45% below consensus on EBIT before JVs. We have cut our target price to SEK28 (35) and reiterate our HOLD.
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