BMW: shares fall after UBS downgrade

(CercleFinance.com) - BMW shares dipped on Tuesday after UBS downgraded the stock and cut its target price.


UBS said that it has reduced its target from 60 euros to 53 euros and downgraded the stock from "buy" to "neutral", citing valuation grounds.

"After the recent bounce in shares, we think the structural challenges (lagging in electric vehicle (EV)/autonomous vehicle (AV) transition) will be more in focus again," UBS analysts said in a note on global auto stocks.

BMW shares were trading 0.9% lower after these comments, easily underperforming a stronger European auto market (+1.6%).

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