Namely, during an interview with CNBC’s Squawk box Europe on October 17, Kallenius claimed that the firm had its ups and downs, but sales in China remain resilient. He then added on the importance of the Chinese market: Earlier this year, after posting a strong quarter, Mercedes-Benz indicated that they see the chip shortage stretching into 2023.
MBG chart and analysis
MBG is currently trading in the lower part of its 52-week range, similar to the S&P 500 index, thus not making the stock an exception. However, the stock shows a bear flag pattern, making it an exception. This pattern occurs after a strong pullback in price and often indicates more downward momentum. Technical analysis indicates two important support areas, a support line at €52.34 (~$50.95) and a resistance zone from €55.15 to €56.26 (~$53.69 to $54.77). On Wall Street, analysts rate the stock a ‘strong buy,’ with the average price in the next 12 months expected to reach €83.54 (~$81.35), 52.75% higher than the current trading price of €54.69 (~$53.26). Out of 14 Wall Street analysts, 12 have a ‘buy’ rating, and two have a ‘hold’ rating, notably none advocate to ‘sell.’ With Mercedes–Benz group working towards creating a more resilient supply chain across the globe, according to the CEO, and the fact that sales are doing well, despite numerous macro challenges on the horizon, indicates the strength of the Mercedes brand and the firm as a whole. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
