<div id="readability-page-1"><div><p>Citi has once again shifted its stance on truck and bus manufacturer Volvo, upgrading its recommendation to &#34;Buy&#34; (from &#34;Hold&#34;) with a target price of 328 kronor.</p><p>  The revision comes as Citi believes analysts' forecasts do not fully capture the potential recovery in both the truck and construction equipment markets, as well as the prospect of margin improvements in 2026 and 2027, according to EFN.</p><p>  The bank also expects Volvo to gain market share in North America when the market rebounds.</p><p>Citi further notes that the market currently anticipates a reduction in Volvo's special dividend next year. However, the bank sees room for a recovery as cash flow strengthens and the new factory in Mexico is completed. According to Citi's projections, the total dividend could reach approximately 15.50 kronor per share in 2027 and return to the record level of 18.50 kronor the following year.</p></div></div>

VLVLY

<p>Citi upgrades Volvo to "Buy" with a target price of 328 kronor, citing underestimated recovery potential in truck and construction equipment markets, margin improvements, and market share gains in North America. Citi projects a total dividend of 15.50 kronor per share in 2027, returning to 18.50 kronor the following year, as cash flow strengthens and a new factory in Mexico is completed.</p>

Citi Upgrades Volvo to Buy, Citing Underestimated Recovery Potential