WestLB has joined Goldman Sachs and Deutsche Bank in downgrading AB Volvo's stock. Get rid of, says the German bank, lowering its rating from Reduce to Sell.
WestLB analyst Jose Asumendi writes that the company's earnings would be hit because it wasn't fully utilizing capacity at its North American plants.
No Sh*t, Sherlock.
"Although we believe that Volvo will profit from its global brand positioning, the short-term uncertainty leads us to downgrade our rating to Sell," he said in a research note.