(CercleFinance.com) – Stifel maintains its ‘hold’ rating on Porsche shares, with a target price reduced from 99 to 85 euros.
The analyst reports that the 2026 PE ratio, which is based on consensus projections, has fallen below 11x. Thus, the stock has suffered the weakest performance among European equipment manufacturers since the start of the year and over one year, underlines the broker which indicates that it ‘is time to review the investment file’.
High residual values (especially for the 911) are a major asset of the Porsche brand and an investment argument. However, the low price of the used Taycan (an all-electric vehicle) is a ‘major concern’, recognizes the analyst.
‘What would happen if the electric Macan (and later the electric Cayenne, 718 and Panamera) faced similar challenges? ‘, asks Stifel.
For the broker, a revaluation of the stock would require proving that the residual value of EVs (electric vehicles) is at a similar level to that of ICVs (internal combustion vehicles).
Nevertheless, Stifel anticipates a 2nd quarter better than the first, with an EBIT margin aligning with the 2024 guidance, ‘which would offer some relief in the short term’, assures the broker.
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