1004 GMT - European automakers' third-quarter reports are unlikely to provide the evidence needed for a meaningful sector rerating, Deutsche Bank analyst Tim Rokossa writes. The broad industry backdrop remains largely unchanged, as China continues to be difficult, Europe is holding up reasonably well and the U.S. remains supportive, he says. While there are pockets of improvement, particularly around electric-vehicle demand, Deutsche Bank sees little evidence that the quarter will fundamentally alter the earnings trajectory of European manufacturers. "Recent developments support our broader view that investors should increasingly think about China as a structural rather than cyclical challenge for European manufacturers." The bank lowers its BMW target price to 78 euros from 90 euros, Mercedes-Benz target price to 70 euros from 73 euros and Volkswagen to 105 euros from 115 euros. It rates all three at buy.