In a report issued on November 2, Thomas Besson from Kepler Capital downgraded Veoneer (VNE) to Sell, with a price target of $14.00. The company’s shares closed last Tuesday at $18.07, close to its 52-week low of $5.25.
According to TipRanks.com, Besson ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -4.2% and a 36.3% success rate. Besson covers the Consumer Goods sector, focusing on stocks such as Compagnie Générale des Établissements Michelin, Bayerische Motoren Werke Aktiengesellschaft, and Ferrari.
Currently, the analyst consensus on Veoneer is a Hold with an average price target of $14.89, implying a -9.9% downside from current levels. In a report issued on October 28, Credit Suisse also downgraded the stock to Sell with a $12.00 price target.
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Based on Veoneer’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $371 million and GAAP net loss of $132 million. In comparison, last year the company earned revenue of $462 million and had a GAAP net loss of $133 million.
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Veoneer, Inc. engages in the design, development, sale, and manufacture of automotive safety electronics. It operates through the Electronics and Brake Systems segments. The Electronics segment consists of safety and restraint control systems product areas. The Brake Systems segment comprises of brake systems product area. Its products include advanced driver assistance systems and highly automated driving solutions with focus on autonomous driving. The company was founded on April 1, 2018 and is headquartered in Stockholm, Sweden.
