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BMW: Berenberg downgrades stock

( - On Monday Berenberg downgraded BMW shares from "buy" to "hold", while maintaining its target price for them at 95 euros.

In a broad study of the global automotive sector, the German broker explains that the scenario of a weakening of demand seems increasingly likely in 2023.

However, it acknowledges that the reopening of the Chinese economy could be a supporting factor, adding that upmarket manufacturers could fare better thanks to good price control and the launch of new models.

However, the analyst prefers to downgrade BMW shares after their share price reached the target price set for the stock.

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