Stellantis : CMD on 21 May: a reset does not equal a turnaround
Ahead of the CMD on 21 May, the challenge is no longer to validate the 'reset' that is already underway, but to assess its actual impact on the group's operational and financial profile. After the start of a commercial recovery, particularly in North America, Stellantis must now clarify its priorities, specify its industrial and technological choices and, above all, establish a credible cash flow trajectory and return to shareholders. We remain cautious with a Neutral rating and target price of € 8.0 (2026-27e valuation) as visibility still seem too limited to us and execution risk too high to justify a stronger re-rating.
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