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Investing.com - Deutsche Bank raised its price target on Daimler Truck Holding AG (ETR:DTG) to €44.00 from €41.00 on Thursday, while maintaining a Buy rating on the commercial vehicle manufacturer.
The German truck maker is scheduled to release its third-quarter results and host a conference call on November 7, according to Deutsche Bank’s research note.
Deutsche Bank expects Daimler Truck to report a "soft quarter" primarily driven by weakness in its North America division, where a significant order contraction in the second quarter will impact unit sales and fixed cost absorption.
The bank’s analysts also noted that a fire at Daimler’s Freightliner plant in Charlotte likely caused additional expense headwinds, projecting an adjusted EBIT margin of 6.5% for the North American division.
While the Mercedes division should benefit from higher volumes, Deutsche Bank indicated the unit experienced some supply chain issues that could hamper cash generation, suggesting a fourth-quarter-heavy industrial free cash flow pattern.
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