(Missing letter in the headline added)
FRANKFURT (dpa-AFX Broker) - German car stocks drifted significantly apart on Tuesday morning. Their share price performance ranged from a small gain at BMW to further significant losses at Mercedes-Benz. With a discount of 3.6 percent to around 63 euros, they approached the June low again and thus gave up a four-week stabilization.
Analyst Horst Schneider from the Bank of America had lowered his price target below the Xetra level to 60 euros and downgraded the shares to "underperform". The expert is concerned about the Stuttgart-based company's model cycle and consequently its results in the coming years. According to Schneider, the average age of the Mercedes fleet is increasing in comparison to the competition.
Meanwhile, Michael Tyndall from HSBC recommended buying BMW shares after the price weakness of the past few months. Market worries are now excessively priced in. BMW looks set for steady growth, which is already attractive enough for an entry after the price slide./ag/mis
-----------------------
dpa-AFX Broker - the Trader News from dpa-AFX
-----------------------