0940 GMT - Stellantis has made too little progress on its U.S. turnaround, despite a solid market backdrop, UBS analyst Patrick Hummel writes. Elevated dealer stock levels could require production cuts, higher incentives or a mixture of both in the second half, while customer uptake of new products has been lagging previous guidance, the bank says. Meanwhile, growing competitive pressure in other regions weighs on the group's earnings trajectory toward what the bank described as very ambitious 2028 business plan targets. UBS cuts its adjusted operating income forecasts to 3 billion euros and a 1.9% margin for 2026, and 4.7 billion euros with a 2.9% margin for 2027. The bank downgrades Stellantis to neutral from buy and lowers its price target to 5.80 euros from 9.50 euros. Shares in the Jeep maker rise 2.6% to 5.09 euros.