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Volkswagen: Stifel still on hold before CMD

( - Stifel maintains its 'hold' rating on Volkswagen shares, with an unchanged target price of E149.

After the carmaker's good start to the year, the CMD on 21 June could provide investors with an opportunity to find answers to their structural concerns or their questions about the emergence of new competition in China.

In any case, Stifel believes that market sentiment is so negative and that VW has underperformed the sector so much that even small positives could support the stock, at least temporarily.

The market cares little about the good performance in H1 23, reassured by the strong order book. Nevertheless, Stifel is not changing its target price because of the cash outflow linked to the dividend.

Note that Volkswagen provided an optimistic outlook for 2023, with volumes set to rise by 15%, sales up by 10%-15%, and EBIT expected to come in at between E23bn and E27.3bn.

Meanwhile, Stifel is forecasting EBIT towards the bottom of this range, at E23.96bn.

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