Barclays reaffirms its 'Underweight' recommendation on BMW, while raising its target price from 85 to 95 euros, ahead of the German automaker's first-quarter publication, scheduled for May 8.

The broker anticipates neutral volumes, as well as slightly negative price, mix and currency effects. With higher R&D and more normalized cost inflation, he sees BMW's automotive EBIT margin within its usual 8-10% range.

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