VOLKSWAGEN : Oddo BHF reduces its target on the stock
The analyst points out that his estimates are 'relatively unchanged for 2024, but down 5% for 2025', following his updates on Porsche and the adoption of a more cautious scenario.
'We are nevertheless still slightly above consensus expectations for 2025 in terms of sales and EBIT, but below them in terms of EPS (-3%), notably due to our increasingly cautious stance on China, where we are targeting a further sharp deterioration in results', says the broker.
Specifically, for 2025, Oddo BHF is targeting a slight increase in sales to 325.5 billion euros and an EBIT margin of 6.0% (+4% vs. EBIT consensus).
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