BMW: Oddo BHF trims target price

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on BMW shares, trimming its target price for them from E105 to E100.


For the record, the car maker published solid quarterly results on Friday morning, pretty much in line with expectations, with underlying sales (+6% y-o-y at constant exchange rates, -1% as reported) driven mainly by volumes (+6%), with a price/mix component still robust.

Oddo BHF believes that this publication has enabled BMW to confirm all the items of its 2023 guidance, some of which now even seem fairly cautious (FCF >E6bn vs E5.7bn over 9 months), the broker says.

Analysts confirm their Auto 2023 EBIT estimates, although are trimming those for 2024 (-4%), placing them 3% below the consensus, so as to reflect a less favourable macroeconomic context.


Copyright (c) 2023 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.