(News Bulletin 247) – Oddo BHF reaffirms its ‘neutral’ position on Volkswagen but lowers its target price from 135 to 125 euros, in a note where it discusses the main elements which led it to downgrade the title of the German manufacturer end of July, ‘despite its valuation’.
According to the design office, “the momentum should not allow Volkswagen to stand out in the short term, and its positioning on key issues such as China, electrification or software is more fragile than in the past”.
Adding that ‘tangible evidence of better execution is necessary to consider a rerating of the title’ and that ‘governance weighs’, Oddo BHF considers a rebound of the title ‘unlikely in the short term’.
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