Volkswagen: AlphaValue raises from 'reduce' to 'add'

(CercleFinance.com) - AlphaValue upgraded its rating on the Volkswagen share from "reduce" to "add," citing the recovery of the Chinese market and the German carmaker's EV roadmap.


The Paris-based research house, which has a target price of 177 euros for the share, said it has raised its earnings estimates, on the back of the better-than-expected preliminary figures that the auto giant released last week.

In particular, the 10 billion euro strong preliminary EBIT reported by VW is significantly above its previous estimate of 7.5 billion euros, it wrote in a note.

"We now see the group coming much closer to 2019 profitability levels by 2022 than in our previous forecasts," AlphaValue said.

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