(News Bulletin 247) – Berenberg announced on Friday that it had downgraded its advice on the Porsche AG stock, which it reduced from ‘buy’ to ‘hold’ with a price target reduced from 125 to 117 euros.
In a research note, the research department acknowledges that the structural growth dynamic enjoyed by luxury products should benefit the results of the sports car manufacturer.
However, the analyst says he perceives a limited revaluation potential in the short term, while the action is traded on the basis of a PER of 15.8x, closer to that of the luxury sector (26x) than Mercedes-Benz, which only trades at 4.9 times earnings.
Since its IPO nearly a year ago, the Porsche stock has appreciated by more than 22%.
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