(News Bulletin 247) – Berenberg raised his target price on Mercedes-Benz Group on Monday, raising it from 80 to 88 euros while maintaining his buy recommendation on the stock.
In a research note, the financial intermediary believes that the ‘premiumisation’ strategy implemented by the German car manufacturer is not sufficiently rewarded by the market.
After the ‘solid’ fourth quarter results recently published by the Stuttgart group, Berenberg says it has revised its earnings estimates for 2023 upwards, hailing the company’s ability to more than offset rising costs through the increase in its turnover.
‘We believe that an operating margin (Ebit) around 15% for the duration of a possible period of recession would allow a revaluation of the title in the financial year 2023’, recalling that Mercedes-Benz remains its ‘preferred value’ (top pick) within car manufacturers.
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