Porsche: Oddo BHF cuts target price
(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Porsche shares, while reducing its target price for them from E135 to E120, after slightly reducing its estimates for the German sports and luxury carmaker.
The broker also justifies its reduced target by the sector's devaluation, as well as by an increased discount to the multiples of its Italian peer Ferrari to account for the latter's greater resilience in a slowing market.
Oddo BHF nevertheless expects deliveries to be broadly stable in Q3, a performance that it believes would be rather encouraging given the headwinds of China and supply disruptions.
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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.
The broker also justifies its reduced target by the sector's devaluation, as well as by an increased discount to the multiples of its Italian peer Ferrari to account for the latter's greater resilience in a slowing market.
Oddo BHF nevertheless expects deliveries to be broadly stable in Q3, a performance that it believes would be rather encouraging given the headwinds of China and supply disruptions.
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.