(News Bulletin 247) – Stifel on Monday renewed its buy recommendation and its target price of 295 euros on Volkswagen shares following the publication of the annual results last Friday.
‘The group surprised with very optimistic outlook and at the closing price on Friday the action was up 11%’, notes the analyst.
For the record, VW said it expects unit sales up 15% to 9.5 million units this year, a target higher than forecast, for revenues up 10% to 15% (consensus: +0.6 %) and an EBIT margin of 7.5% to 8.5% (consensus: 7.4%).
For Stifel, the low end is about 16% above consensus, and the high end about 37% above consensus.
‘These confident outlook is at odds with a very negative sentiment around the value and a significant underperformance of the action since the start of the year’, recalls the analyst.
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