Volkswagen: Oddo still a buyer
(CercleFinance.com) - Oddo maintains its Outperform rating on Volkswagen shares, along with its target price of E165 (cp: E124.
5, -3%).
While doubts have not yet been removed - particularly on the issue of targets and volumes - the group has shown itself to be sufficiently convincing for analysts to raise the bottom of their 2023 estimate range, but no further, it says.
For Oddo, the message remains difficult to read: despite management's repeated confidence in its ability to achieve its aims, while remaining very disciplined, they believe that it is still too early for the market to accept this scenario.
The stock's valuation also remains attractive (P/E <4.0x based on the bottom of its earnings estimate range.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
5, -3%).
While doubts have not yet been removed - particularly on the issue of targets and volumes - the group has shown itself to be sufficiently convincing for analysts to raise the bottom of their 2023 estimate range, but no further, it says.
For Oddo, the message remains difficult to read: despite management's repeated confidence in its ability to achieve its aims, while remaining very disciplined, they believe that it is still too early for the market to accept this scenario.
The stock's valuation also remains attractive (P/E <4.0x based on the bottom of its earnings estimate range.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.