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Buckingham Research Group analyst Joseph Amaturo remains bullish about the auto sector ahead of Tuesday’s global light vehicle sales numbers.
“We continue to remind investors that we believe we are in a plateauing U.S. light vehicle sales environment, and do not think that we have ‘peaked,’ as that would imply a material drop in sales,” Amaturo explains.
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Buckingham has released a new report outlining what the firm expects from Tuesday’s light vehicle sales. Here’s an overview of the firm’s predictions on an adjusted basis:
- U.S. light vehicle SAAR of 17.5 million units, up 0.9 percent year-over-year (Y/Y)
- Ford Motor Company (NYSE: F) U.S. light vehicle sales up 3.0 percent Y/Y
- General Motors Company (NYSE: GM) U.S. light vehicle sales down 2.0 percent Y/Y
- Ford market share up 0.3 percent Y/Y, GM market share down 0.6 percent
- Industry full-size pickup sales up 7.0 percent Y/Y
- European auto sales up 7.0 percent Y/Y
- No material recovery in Brazil sales in the near-term
- China auto sales up 7.0 percent Y/Y
- India auto sales up 1.0 percent Y/Y
Buckingham maintains Buy ratings on Ford, American Axle & Manufact. Holdings, Inc. (NYSE: AXL) and Penske Automotive Group. Inc. (NYSE: PAG). The firm has a Neutral rating on GM.
Disclosure: the author holds no position in the stocks mentioned.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.