Salient to Investors:

Barclays said car makers face more pollution control expense in the wake of VW’s scandal.

Stifel said the Intl Council on Clean Transportation has found questionable diesel emission results across several unnamed makers and more widespread vehicle recalls pose significant near-term risk for European car makers.

Morgan Stanley expects VW to face fines and compensation expenses from $9bn to $27bn and its earnings could be meaningfully affected, and maintained a Hold rating on the stock, citing insufficient clarity to rule out further downside risk. Morgan Stanley said VW’s global sales continue to be much weaker than many of its peers and the EPA disclosures could exacerbate this weakness.

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