The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0916 GMT - Grab's long-term story remains intact, Jefferies analysts say in a note. "One of Grab's key success factors is its hyperlocal execution strategy," to better serve the countries where it operates, they write. Multiple drivers are supporting Grab's target to hit $1.5 billion in adjusted Ebitda terms by 2028, including revenue growth from on-demand services driving margin expansion, declining corporate costs thanks to artificial-intelligence efficiency, and its financial services business expecting to break even by 2H 2026, they write. Taking into account Grab's 2025 earnings, Jefferies retains a buy rating on the stock but trims its target price to $6.70 from $7.00. Key risks to their target price include intensifying competition and macroeconomic factors, they add. Shares last closed at US$4.27. (kimberley.kao@wsj.com)
0915 GMT - Mercedes-Benz had a disappointing quarter and delivered soft guidance, but cash returns were much stronger than expected, HSBC analysts Michael Tyndall and Pushkar Tendolkar write in a note. Both fourth-quarter EBIT and 2026 guidance were far below HSBC expectations, seemingly due to weaker pricing and lower China earnings. However, shares were only down 1.5% on the day and HSBC suspects the market was focused on the very strong dividend proposal. Management also indicated that disposals of at least 2 billion euros would provide scope to increase shareholder return. "In an uncertain market, it's this focus on shareholder returns that makes it an attractive investment, in our opinion." HSBC lowers its target price on the stock to 73 euros from 74 euros and keeps its rating at buy. Shares fall 0.5% to 56.83 euros. (dominic.chopping@wsj.com)
0831 GMT - Mercedes-Benz delivered weak results and guidance in a still challenging environment, Berenberg analysts Romain Gourvil and Michael Filatov write. The fourth-quarter car margin came in materially below consensus, affected by weaker pricing, currency and headwinds for warranties. Guidance implies an adjusted EBIT for the cars unit around 30% below consensus, affected by a weak China and a further 100 basis points of tariff and currency-related margin headwinds. "2026 remains a transition year, with the combined impact of the premiumization strategy, restructuring benefits and China product/cost repositioning only to be felt from 2027/28." Nonetheless, Berenberg acknowledges that the distribution yield remains attractive at around 10%. It lowers its price target to 60 euros from 63 euros and keeps at hold. Shares fall 1% to 56.60 euros. (dominic.chopping@wsj.com)
0746 GMT - Volvo has limited exposure to an improving U.S. truck market versus peers, and shares look fully valued, RBC Capital Markets analyst Nick Housden writes. Volvo's limited U.S. dependence was highly desirable last year due to U.S. tariffs and given wider North American freight headwinds. "At this point in the cycle, we prefer names with more North American exposure as the market there inflects." Meanwhile, after recent share outperformance, Volvo trades well above 10-year average multiples. "We do not see Volvo's earnings right now as especially depressed. As such, a further re-rating seems unlikely." RBC downgrades Volvo to sector perform from outperform and lifts its price target to 360 Swedish kronor from 350 kronor. Shares closed at 348.20 kronor. (dominic.chopping@wsj.com)
0720 GMT - Airports of Thailand faces a delay in a passenger-service-charge increase, CGS International's Thanapol Jiratanakij says in a research reportThe airport operator is pushing for a change in PSC which hasn't been increased since 2006, the analyst notes. According to local media reports, the Civil Aviation Authority of Thailand is mulling a THB390 increase in PSC for international passengers. However, given Thailand's recent election and the government's worries over potential repercussions on tourist arrivals, the approval process seems currently stalled. However, the brokerage raises the stock's target price to THB50.00 from THB48.00 based on an estimated 24x FY 2027 price-to-earnings ratio and maintains a reduce rating. Shares are 0.4% lower at THB56.75. (ronnie.harui@wsj.com)
0209 GMT - The global robotaxi fleet is likely to grow from only around 7,000 vehicles in 2025 to more than 500,000 in 2030 and more than 3 million by 2035, say Macquarie analysts in a note. The sector's growth could be exponential as leading robotaxi service providers overcome regulatory concerns and move into the market for traditional taxis and ride-hailing services, they say. The global gross transaction value for robotaxis through 2035 is expected to range from $80 billion to $465 billion, they say. Despite the accelerating convergence of robotaxis and traditional cars, the market is still underestimating the opportunity for robotaxis, they say. More auto makers, tier-1 suppliers of auto parts and electronic firms are expected to enter the sector, boosting utilization of robotaxi technology but also increasing competition, they add.(jiahui.huang@wsj.com; @ivy_jiahuihuang)
1626 GMT - FedEx expects adjusted earnings per share for its fiscal 3Q to exceed the consensus average following what it called a successful peak season, which includes the holiday shopping period. Analysts polled by FactSet expect adjusted earnings per share of $4.01 for the quarter. FedEx executives had suggested in November that it would see a better peak shipping season from a year earlier. (kelly.cloonan@wsj.com)
1555 GMT - Shippers are pressing ahead with sustainability efforts despite easing regulations, transport technology firm Breakthrough says. In a survey of 500 transport decision-makers, 69% of shippers said they expect to lower their transport-related emissions this year. "In continuously refining their networks to reduce emissions, they're also lowering fuel consumption and limiting exposure to fuel volatility and broader market uncertainty," Breakthrough says. Among measures taken are route optimizing and investment in fuel-efficient vehicles. A soft freight market, meanwhile, led most carriers to reduce, delay or cancel planned equipment upgrades, hiring or other investments in 2025. Almost half expect to delay investments this year, while 36% said they expect to accelerate investments. (anthony.harrup@wsj.com)
1212 GMT - A 2 billion-euro share buyback outlined by Michelin will outweigh negative signals surrounding the tire maker's stock, Equita analysts write. The buyback--which is the French tire maker's largest ever--and associated share cancellation are more significant than earnings below Equita's expectations in the second half of 2025, they say. Michelin forecast income below consensus expectations for 2026 as a result of a weaker dollar against the euro, Jefferies analysts write in a separate note. However, Michelin trades at its highest level since May 2025 as shares gain 6.1% in early afternoon European trade. European peers climb too, with Continental up 3.5% while Pirelli gains 2.4%. (josephmichael.stonor@wsj.com)
(END) Dow Jones Newswires
February 13, 2026 04:20 ET (09:20 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments