Group 1 - The core viewpoint is that Bank of America has downgraded Stellantis (STLA.US) from "Buy" to "Neutral," reducing the target price from $16.5 to $11.75, indicating that it is too early to consider bottom-fishing despite a significant stock decline [1][2] - Stellantis is expected to see a recovery in U.S. sales driven by the launch of key models, but the European market remains a concern due to its disadvantage in the electric vehicle sector and increasing competition [1][2] - The new CEO Antonio Filosa faces challenges, including low U.S. sales and tariffs on Mexican imports, which account for 40% of Stellantis' U.S. sales, while new models will not significantly impact until FY2026 [2] Group 2 - Stellantis' performance is anticipated to be weak, with Bank of America projecting an adjusted EBIT of €2.5 billion for the first half, which is 15% lower than market expectations, and forecasts for FY2025 and FY2026 EBIT also below market consensus [2] - On a positive note, Stellantis' profitability is expected to rebound, with a projected 13% year-over-year revenue growth in the U.S. for FY2026, primarily driven by new Jeep and RAM models [3] - Strategic choices, including potential brand restructuring or splitting the group into North American and other operations, could support valuation and improve performance outlook [3]