On Tuesday, Berenberg reduced its target price for Forvia shares from €24 to €22, while maintaining its buy recommendation on the automotive equipment supplier.

While acknowledging that the group's margins were "a little tight" in 2023, the analyst believes that the sanctioning that accompanied the publication of the annual results was "exaggerated".

For the record, Forvia's share price fell by 20% in the two trading sessions following the presentation, and is now down 19% since the start of the year.

The intermediary points out, however, that net cash flow - a good indicator of the Group's ability to pay down debt - came in above expectations last year, and considers the outlook for 2024 to be in line with market forecasts.

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