Porsche: Oddo BHF cuts target price
(CercleFinance.com) - Oddo BHF reiterates its 'outperform' opinion on Porsche, but with a price target lowered from E90 to E75 to reflect its new estimates for the German automaker following a 'pre-close call' held by the group on Tuesday evening.
The broker took the opportunity to completely overhaul its scenario and integrate upheavals that it now perceives as more lasting (sustainably higher cost base and investments, BEV dilution, lack of recovery in China...).
Oddo BHF now anticipates declines in sales and Auto EBIT margin in 2025, before modest recoveries the following year. Overall, its estimates for Group EBIT 2025/26 have been lowered by 16%/20%, placing it 11%/15% below consensus.
Copyright (c) 2025 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.
The broker took the opportunity to completely overhaul its scenario and integrate upheavals that it now perceives as more lasting (sustainably higher cost base and investments, BEV dilution, lack of recovery in China...).
Oddo BHF now anticipates declines in sales and Auto EBIT margin in 2025, before modest recoveries the following year. Overall, its estimates for Group EBIT 2025/26 have been lowered by 16%/20%, placing it 11%/15% below consensus.
Copyright (c) 2025 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.