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BMW: Bernstein maintains 'market perform' rating.

(CercleFinance.com) - Bernstein is maintaining its "market perform" rating on BMW, after the German carmaker confirmed that is was examining co-operation with China's Great Wall on the Mini brand.
The broker is also sticking to a target price of 85 euros.

In a research report sent to clients, the broker said it was "surprised" by BMW's decision to seek a second partner in China for Mini.

"Perhaps diversification reduces risk, but Great Wall will be a more complicated, less compliant partner than Brilliance, in our view," Bernstein wrote in the report.

"Ultimately, growing Mini sales in China won't boost earnings significantly," it added, pointing out that BMW brand sales remain key in the country.

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