Good news9 Sep 2020 10:34
* Bernstein is positive on European autos, citing the lifestyle-changing pandemic, with falling public, air transport usage, and de-urbanization
* People will fly less, use less public transport and will drive more, Bernstein says, adding the aging population is great news for vehicle demand, especially premium brands
* It expects vehicle demand to recover much faster than forecasted, seeing some companies back at pre-COVID-19 earnings levels in 2021-22
* Assuming the modal share of passenger car travel increases slightly, scrapping rates and vehicle miles travelled stay within their long-term ranges, vehicle sales will materially increase, Bernstein says
* Bernstein starts BMW , Daimler , Volvo , Renault and Aston Martin with "outperform" saying it believes these names offer the most earnings upside and have attractive individual equity stories
* It has an "underperform" on Volkswagen , Porsche SE , PSA PEUP.PA , FCA , Ferrari and Traton