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Volkswagen: stock falls after Stifel downgrade

( - Volkswagen shares were one of the biggest fallers in the DAX on Friday, hit by a rating downgrade from Stifel.

The US bank's analysts downgraded the stock to "hold" from "buy", slashing their target price from 295 euros to 149 euros.

At 10am, VW shares were down about 2% about twice the fall in the DAX.

In their morning comments, Stifel judged that the stock was "short of catalysts" after the growth factors they had envisaged for the stock had struggled to materialise.

Due to delays in its projects, VW has a smaller electric vehicle platform than Tesla or BYD, they point out, which limits the benefits of its economies of scale for consumers.

At the same time, they add, the success of Porsche's IPO has not had the desired impact for shareholders, while VW's free cash flow is curtailed by capex.

However, at its current levels, the share is still up almost 3% YTD.

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