BMW: Stifel upgrades stock, raises target price

(CercleFinance.com) - Stifel has downgraded BMW shares from "buy" to "hold", while increasing its target price for them from 85 euros to 116 euros (current price: 94 euros, -0.
8%).

The broker has increased its 2022 EPS estimate by 32% and reiterates its bullish view on German OEMs.

However, using valuation multiples as for German peers now provides more limited upside potential, the analyst notes.

Stifel also believes that BMW's key strength, its "very strong" balance sheet, is less of a competitive advantage in a positive environment, therefore justifying its rating downgrade.


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