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Volkswagen: Bank of America upgrades to buy

( - Bank of America said on Thursday that it has upgraded its rating on the Volkswagen share from "neutral" to "buy", expecting an upward revision in the consensus.

While the analyst noted that the German car maker was relatively "vague" about its annual outlook when published its H1 results, BofA noted that statements by its management team during post-release conference calls revealed "optimism" about the second half of the year.

For the broker, there is potential for a pleasant surprise in H2 sales, and Q3 results - to be released on 29 October - which could prove to be particularly strong, it says.

Bank of America says that it has raised its target price for the car maker's common stock from 166 euros to 179 euros, while it has raised its target for preference shares from 160 euros to 167 euros.

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