UBS has downgraded Volvo to neutral with a target price of SEK 274, slightly up from SEK 263. The company, a leading European truck manufacturer and third globally, reported 2023 net sales with 66.3% from truck sales, 18.7% from construction equipment, and smaller contributions from financial services, buses, and parts. Geographically, 42.8% of sales came from Europe, followed by North America at 29.8%.