Oddo BHF maintains its 'neutral' rating on Volkswagen shares, with its target price raised from €110 to €115.

The automaker published its preliminary results on Friday, with Q4 sales of 87 billion euros better than expected (80 billion euros). Full results will be published on March 13.

Forecasts for 2024 are higher than those of a consensus that remained cautious on sales and EBIT, suggesting upward revisions (although these have already been incorporated since the pre-close call - PCC)

'The pre-close call had suggested a solid end to the year, which was therefore confirmed, but the disappointment came from the 2024 targets, which seem more cautious than the comments at the same pre-close call suggested, hence the negative reaction (-4.9%)', emphasizes the analyst.

For 2024, the manufacturer is targeting sales growth of up to 5%, well ahead of expectations (338 ME vs. consensus 318 ME), driven by volume growth and product launches.

Significantly higher sales suggest EBIT in the mid-range at E24.5 bn (vs. consensus E22.5 bn).

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