1235 GMT - Mercedes-Benz fourth-quarter results and full-year outlook seem disappointing when taken without the sheen of a new shareholder rewards policy and a EUR3 billion buyback, Citi analysts say in a note. The German luxury-car maker's fourth-quarter margin for the cars business was underwhelming, Citi says. While full-year guidance is reasonable according to market expectations, targets for earnings and free cash flow are lower than last year's results, Citi says. Although the guidance might be good enough for the start of earnings season, investors will adjust after results from other carmakers, Citi adds. "Outside of the share buyback, and still-low valuation, it is tough to see what other positive catalysts 2024 will hold," the analysts say. Shares in Germany rise 5.6% to EUR71.91. (david.sachs@wsj.com)
(END) Dow Jones Newswires
February 22, 2024 07:35 ET (12:35 GMT)
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