(CercleFinance.com) – Porsche shares traded higher Thursday morning on the Frankfurt Stock Exchange, driven by a note from UBS, which highlights the structural growth of the high-end sports car brand on the market. long term.
At 10:30 a.m., the title advanced by 0.8%, while the DAX index fell at the same time by 0.8%. Since its IPO at the end of last month, the price of the automotive group has appreciated by more than 14%.
In a note, UBS says it appreciates the combination of (1) its iconic luxury brand, (2) resilient results even in a downturn and (3) the transition initiated towards electric vehicles under the impulse of the synergies generated by the Volkswagen group.
The broker thus expects Porsche to sign an average annual growth in its activity of 6% over the period 2022-2026 on the basis of a 3% increase in volumes and a price effect of 3%.
The broker, who points out that Porsche’s valuation is already halfway between those of Mercedes and Ferrari, believes that these characteristics make it an attractive stock from a holding perspective.
In this context, UBS initiates coverage of the security to ‘buy’ with a target price of 105 euros.
On Monday, RBC analysts had started monitoring the stock with a ‘performance in line with the sector’ opinion and a price target of 88 euros, estimating that the manufacturer’s good positioning in luxury and electrification was offset by a ‘fair’ valuation at current levels.
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