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Volkswagen: Jefferies double downgrades stock

( - Jefferies has downgraded its rating on Volkswagen shares from "buy" to "underperform", having slashed its corresponding target price from 270 euros to 170 euros, believing that owning the stock "looks unattractive in spite of recurring hope of change".

While it does not see Tesla as an existential threat, the broker considers that "CEO Diess' constant Tesla references have become counterproductive, highlighting vulnerabilities rather than imaginative solutions".

"As Tesla accelerates VW cannot compete on speed or by adding net capital but needs to address complexity, legacy burdens and governance issues that are much deeper than unions," the broker says.

The share is currently down almost 2% at just under 190 euros.

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