Porsche: Stifel maintains its recommendation

( – Stifel maintains its Buy recommendation and its price target at 132E on the Porsche share.

The analyst is based on the announcement of the court of Celle judging that the communication of Porsche around the purchase of ordinary shares of VW in 2008 was accurate and did not constitute market manipulation.

‘ As expected, the judge dismissed the case, the Porsche Automobil Holding (PAH) wins. The €5.4 billion claimed is equivalent to around €17 per PAH share’, Stifel points out.

The analyst does not forget the call possibilities for VW. ‘The plaintiffs can (and we assume they will) appeal the decision to Germany’s highest court, the Federal Court of Justice (BGH),’ the analyst continues. ‘ The BGH has to accept the case and will probably need 1.5 to 2 years before making a final decision. ‘.

For Stifel, this decision ‘comes at the right time for PAH. Because it has just gone into debt of 7.9 billion euros to buy back the P911 shares of VW’.

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