Investing.com -- UBS downgraded Stellantis to Neutral from Buy in a note on Monday, saying its thesis of a U.S. recovery has failed to play out despite a healthy market backdrop. Analyst Patrick Hummel said the downgrade reflects "too little progress on US turnaround in a healthy sector environment." The revisions account for lower North American drop-through, third-quarter production cuts and higher incentives, and sequentially higher raw materials headwinds in the second half. At that level, UBS said, Stellantis would trade at 6 times 2027 earnings, versus Ford and General Motors at 7 times and European mass-market peers at 4 times. Related articlesUBS downgrades Stellantis on stalled U.S. turnaroundSoftware catches a bid as investors rotate ahead of Palantir earningsSupernus jumps premarket on merger deal; GameStop drops