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Volkswagen: Bernstein raises target price to 220 euros

( - In a report on Tuesday, Bernstein's analysts raised their target price on Volkswagen stock from 180 euros to 220 euros, maintaining an "outperform" rating on the stock.

The Bernstein team said that after a number of recommendation upgrades, the shares have become a "consensual buy," with 26 buyers out of the 34 analysts who cover the stock.

Despite this, the broker still thinks the stock looks appealing, with the German carmaker's commercial performance being "impressive" and the stock "still cheap."

While remaining "very bullish" on VW, Bernstein acknowledges that investors often roll their eyes while telling them they are now "the consensus," which prompts the broker to say the situation is "worrying".

But "there are always risks with auto stocks", Bernstein says in the report.

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