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Citigroup cuts Volvo on 2027 margin worries

By Reuters News11:03 (UTC), 2 November 2026 Updated

** Citigroup downgrades Swedish truck maker Volvo VOLVb.ST to "neutral" from "buy", citing downside risk to 2027 earnings

** Previous positive view hinged on truck margin upside through H2 2026 and into 2027, driven by pricing and product mix improvements

** Citi no longer expects that scenario to play out, arguing that underlying truck margins exiting 2026 appear weaker than consensus once temporary tailwinds are stripped out

** Volvo shares are down ~1.4% in the session, though still up around 3% YTD

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