BMW: Oddo BHF cuts target price

(CercleFinance.com) - An analyst at Oddo BHF today said that he is reducing his target price for the BMW share from 76 euros to 72 euros, while maintaining his neutral rating.


The broker's new target price is therefore pretty much in line with the share's current price (70.5 euros at midday on Friday).

Oddo BHF has indeed lowered its estimates for 2019, at this stage retaining a 6.7% margin for the group's Auto division (meanwhile, the group expects between 6% and 8%), which has led the broker to reduce its estimate for the group's 2019 net attributable income by 8%. With the increased electrification of vehicles, it is unlikely that the EBIT margin/Auto returns to a range of 8%/10% before 2022, the broker says.

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