FRANKFURT (dpa-AFX) - The shares of VW's sports car subsidiary Porsche AG, which had rallied the day before, went downhill again on Wednesday. In the morning, they were the weakest DAX stock, losing a good three percent after a gain of more than eleven percent on Tuesday. As a result, the major French bank Societe Generale withdrew its buy recommendation in the middle of the week.

Analyst Stephen Reitman emphasized in his study that the share had had "a wild ride" the day before, when an initial three percent drop had turned into a price jump of more than eleven percent. Investors had overlooked cautious targets and saw 2024 as a year of transition in view of the many model changes, the market had said. However, Reitman once again highlighted the outlook as disappointing.

Based on Ferrari's valuation, a slightly higher price target of 100 euros is justified. In view of the volatility that the share had shown the previous day, a breather was justified. The implied share yield of 14 percent is no longer sufficient for a buy recommendation. According to Societe Generale's definition, shares should have an absolute return of at least 15 percent over a twelve-month horizon for a "buy" rating. This also includes the dividend./tih/mis