Volkswagen: Bernstein maintains 'outperform' rating

(CercleFinance.com) - While cutting its estimates for most European automobile stocks, Sanford C.
Bernstein is keeping its numbers unchanged for Volkswagen, in addition to its "outperform" rating on the stock.

In a note to clients, the broker says that the earnings season has showed that "headwinds are building" and says it feels the need to cut estimates, but also notes that VW has "delivered" very strong results.

Still seeing potential ingredients for rally in the second-half, Bernstein views PSA and VW - both of which it rates "outperform" - as the "best ideas" currently in the European sector.



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