Aston Martin Lagonda Global Holdings PLC (LSE:AML) saw its target price and estimates cut by analysts at Deutsche Bank following the luxury carmakers' latest update.
The German bank's analysts noted that Aston Martin reported disappointing Q3 results and cut its earnings and volume outlook for 2022 as strong average selling prices (ASPs) were overshadowed by supply chain issues that have bitten into its profits.
They said: "While fundamentally the ASP development appears strong and supportive, supply chain issues are hurting the company disproportionately. With about 400 units impacted from missing interior parts, rising inventory and supply chain cost are hurting the company and although management points to resolving that issue in Q4, the market is struggling to take confidence in that statement."
The analysts added: "We remain cautious on the transitoriness expressed by management, particularly following similar issues in Q2 and continuously stressed global supply chains."
They reduced their target for the stock to 145p from 180p while maintaining a 'Hold' rating. In afternoon trading on Thursday, Aston Martin shares were changing hands for 95.62p, up 6% on the previous day's close.