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BUZZ-European Autos and Suppliers: sector sentiment to remain depressed in H1 - JPM

Reuters - UK Focus

** JP Morgan says European autos sector is unlikely to re-rate over H1 2019 reflecting a similar tone to H2 2018

** Broker expect most stocks to "continue to be valued at mid-cycle margin multiples" till there's more certainty about global production schedules in H2 2019

** JP Morgan says it is cautious on auto suppliers and believes investors will likely avoid owning suppliers stock until there's strong visibility on stable global production schedules

** Downgrades Pirelli, Michelin (Paris: FR0000121261 - news) and Gestamp to "Neutral", and Nokian to "Underweight"

** Retains "Overweight" on Faurecia (Swiss: EO.SW - news) and Valeo (LSE: 0RH5.L - news)

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** Downgrades ratings for BMW (EUREX: BMWE.EX - news) to "Underweight" and and Volvo to "Neutral"

** Says keeps "Overweight" rating on "restructuring or growth equity stories" such as PSA, Volkswagen (Xetra: 766400 - news) , Daimler (IOB: 0NXX.IL - news) and Aston Martin Lagonda

** Keeps Renault at "Neutral", "watching closely the corporate debate between Renault (LSE: 0NQF.L - news) and Nissan, which could lead to additional downward pressure on the stock"