Volvo (OTC:VOLVY) Receives a Downgrade
Shares of EU-listed Volvo (OTC:VOLVY) Have been downgraded by research analysts at Bank of America (Merrill Lynch). Bank of America (Merrill Lynch) lowered their rating for the $20.01B market cap company to a Underperform from their previous Neutral rating.
Approximately 9,792 shares of stock traded hands. Volvo AB (ADR) (OTC:VOLVY) has declined 31.12% since May 8, 2015 and is downtrending. It has underperformed by 28.10% the S&P500.
AB Volvo is a Sweden-based manufacturer of trucks, buses, construction equipment, and marine and industrial engines. The company has a market cap of $20.01 billion. The Firm also provides financing and service. It has 16.58 P/E ratio. It is the parent firm of the Volvo Group, whose business activities are organized into six business areas: Group Trucks, Construction Equipment, Buses, Volvo Penta, Governmental Sales and Volvo Financial Services .
According to Zacks Investment Research, “Volvo manufactures automobiles, trucks, buses, marine and industrial engines, aircraft engines, and construction equipment. Although the company has only a little more than 1% of the Western world’s auto market share, it occupies a strong position in the segment for large family cars and is one of the largest manufacturers of station wagons in Europe. Volvo’s products are marketed in more than 100 countries, with North American sales representing about 23% of company sales.” Get a free copy of the Zacks research report on Volvo AB (ADR) (VOLVY).