(CercleFinance.com) – Stifel maintains its ‘hold’ rating on Volkswagen shares, with an unchanged price target of 149 euros.
After the manufacturer’s good start to the year, the June 21 CMD (Investor Day) could allow investors to find answers to their structural concerns or to their questions about the emergence of new competition in China.
Either way, Stifel believes market sentiment is so negative and VW has underperformed the sector so much that ‘even small positives could support the stock, at least temporarily’.
The market cares little about the good performance of H1 23, reassured by the strong order book. However, Stifel is not changing its target due to the dividend cash outflow.
As a reminder, Volkswagen provided an optimistic outlook for 2023, with volumes expected to increase by 15%, sales up by 10 to 15%, and EBIT expected between 23 and 27.3 billion euros.
For its part, Stifel expects an EBIT of 23.96 billion euros.
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