BMW: Oddo BHF reduces target price
(CercleFinance.com) - Oddo BHF maintains its neutral rating on BMW shares, with a price target reduced from E95 to E90.
Yesterday, BMW published Q2 results that were broadly in line with the overall picture, but slightly lower for Auto EBIT (-2% vs. css).
We remain in line with our guidance of an acceleration in volumes in H2 (Mini, 5 Series), with a stable H2 margin compared with H1, an achievable objective but one that leaves no margin for any further deterioration in the environment, the analyst says, who refers to an erosion of the Auto margin, both on an annual and sequential basis that is not reassuring.
According to the Chinese press, BMW could pull out of the price war raging in the country, having found that the price cuts have not particularly stimulated demand, and have only created a wait-and-see attitude among customers.
Oddo BHF believes that the next few months will be important in assessing the success of this new strategy.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
Yesterday, BMW published Q2 results that were broadly in line with the overall picture, but slightly lower for Auto EBIT (-2% vs. css).
We remain in line with our guidance of an acceleration in volumes in H2 (Mini, 5 Series), with a stable H2 margin compared with H1, an achievable objective but one that leaves no margin for any further deterioration in the environment, the analyst says, who refers to an erosion of the Auto margin, both on an annual and sequential basis that is not reassuring.
According to the Chinese press, BMW could pull out of the price war raging in the country, having found that the price cuts have not particularly stimulated demand, and have only created a wait-and-see attitude among customers.
Oddo BHF believes that the next few months will be important in assessing the success of this new strategy.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.