NuWays keeps Steyr Motors at Buy, cuts price target to EUR 49

• NuWays reiterated a BUY on Steyr Motors, cutting its 12-month target price to EUR 49 from EUR 53.
• Report flagged a weaker-than-expected Q2, citing delayed customer call-offs; it framed the shortfall as timing-related, not lost orders.
• Q2 sales totaled EUR 11.1 million, down 4.5% year on year; adjusted EBIT was EUR -0.8 million.
• NuWays still expects H2 acceleration; guidance implies about 41% year-on-year H2 sales growth at the midpoint.
• Analyst pointed to 2027 program step-ups, citing defense vehicle tenders, USV demand, and M12 power-unit opportunities as key growth drivers.

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