NEW YORK, August 7, 2026, 17:07 EDT — U.S. cash markets ended the session with active after-hours trading.
- Stellantis ended trading at $5.52, falling 0.54% on the day and declining 4.17% across five sessions.
- Bernstein downgraded the stock to Underperform and reduced its price target to €4 from €6.20.
- Shipments for the second quarter increased by 10%, while adjusted operating margin was just 1.8%.
Shares of Stellantis N.V. NYSE:STLA ended Friday in negative territory after Bernstein lowered its rating on the stock. During the second quarter, a change of one margin point represented roughly €435 million, which accounts for 56% of the company’s adjusted operating income as reported.
The numbers highlight the strain. Stellantis reported an adjusted margin of 1.8% alongside €773 million in operating profit. That figure was 15.4% below the estimate from a Reuters poll.
Second-quarter results provided by the company are still unaudited. Data highlights increased volume, though earnings remain slim. The Reuters poll number given below represents an analyst projection.
| Q2 operating measure | Q2 2026 | Q2 2025 | Change or benchmark |
|---|---|---|---|
| Net revenue | €43.482 billion | €38.448 billion | +13% |
| Consolidated shipments | 1.597 million | 1.447 million | +10% |
| Adjusted operating income | €773 million | €213 million | +263%; €914 million poll estimate |
| Adjusted operating margin | 1.8% | 0.6% | up 120 basis points |
| Adjusted diluted EPS | €0.12 | €0.15 | down 20% |
| Industrial free cash flow | €1.000 billion | €31 million | increase of €969 million |
Bernstein noted the margin was 60 basis points below the Visible Alpha consensus. At the second-quarter revenue level, this shortfall is approximately €261 million—about a third of the reported operating profit.
U.S. shares closed at $5.52, declining 0.54%. Trading volume totaled 30.63 million shares, representing 158% of the 65-day average. The Milan-listed stock dropped 1.66% to €4.789.
On Friday, shares of General Motors NYSE:GM, Ford Motor NYSE:F and Toyota Motor NYSE:TM advanced, reversing the previous trend among peers. Ford nonetheless logged the poorest five-day return.
| U.S.-listed automaker | Friday close | Friday change | Five-day change |
|---|---|---|---|
| Stellantis NYSE:STLA | $5.52 | -0.54% | -4.17% |
| General Motors NYSE:GM | $87.58 | +0.74% | -0.11% |
| Ford Motor NYSE:F | $13.98 | +1.38% | -4.77% |
| Toyota Motor NYSE:TM | $190.09 | +1.39% | +2.11% |
Bernstein downgraded the stock after a separate downgrade earlier this week. Each broker’s price target is based on their quoted currency, which means targets cannot be directly compared.
| Analyst or consensus | Date | Recommendation | Price target |
|---|---|---|---|
| Bernstein | Aug. 7 | Downgraded to Underperform from Market Perform | €4.00 revised from €6.20 |
| UBS Group NYSE:UBS | Aug. 3 | Cut to Neutral from Buy | €5.80 lowered from €9.50 |
| JPMorgan Chase NYSE:JPM | July 9 | Reduced to Neutral from Overweight | $6.85 changed from $11.64 |
| 24-analyst consensus | Current snapshot | Hold | €6.275 on average; range €4–€12.50 |
UBS analyst Patrick Hummel pointed to high dealer inventories and sluggish adoption of new products. The bank projected an adjusted margin of 1.9% for 2026. UBS said inventory levels may lead to reduced production, increased incentives, or a combination of both.
The regional data illustrates the significance of inventory. In North America, revenue climbed 32% as sales saw a 6% rise. Europe recorded higher sales, but revenue remained unchanged.
| Q2 region | Net-revenue change | Sales change | Market position |
|---|---|---|---|
| North America | +32% | +6% | 7.4% share, an increase of 40 basis points |
| Enlarged Europe | No change | +3% | 16.0% share, a drop of 80 basis points; -0.6% operating margin |
| South America | +6% | -2% | 19.1% share |
According to AcomeA Sgr fund manager Fabio Caldato, dealer inventory levels contributed to North American revenue. “They need to clean things up there,” he said, prior to selling higher-margin models. Reuters
Chief Executive Antonio Filosa called for patience. “These are not challenges that you address overnight,” he said. Stellantis maintained its guidance for revenue to grow by a mid-single-digit percentage and margins to remain in the low-single-digit range. The company expects the second-half results to be stronger in the fourth quarter. Reuters
Stellantis does not have a financial report set for release next week. Investors will turn their attention to U.S. inflation figures for July on Wednesday, followed by producer price data on Thursday. Data on July retail sales will be published Friday. The automaker’s next financial results are slated for October 28.
Risks: Dealer inventory may need larger incentives or reduced production. Stellantis continues to post adjusted losses in Europe. The company projects tariffs will have a negative impact of €1.0 billion to €1.2 billion this year. An acceleration in Ram and Jeep retail sales could be a positive factor.
The focus of the valuation discussion has shifted to margins rather than factory output. Friday’s heavy sell-off demonstrated that gains in shipment numbers provide only limited reassurance. Investors remain in search of evidence that sales will translate into profits.
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