1416 GMT - UBS downgrades Porsche Automobil Holding SE as Volkswagen and Porsche AG--in which the company holds stakes--are facing tough outlooks. Porsche SE has a stake of 31.9% in VW Group and 12.5% in Porsche AG. UBS analyst Patrick Hummel says sell-rated VW could book a restructuring charge in the fourth quarter that would weigh on dividend payments and thus hit Porsche SE's dividend income. UBS expects VW to cut its dividend by more than half to 4 euros. At neutral-rated Porsche AG, UBS expects 2025 to be a year with flat revenue and only minor margin improvements. It downgrades Porsche SE to sell from neutral and lowers its price target on the stock to 32 euros from 42 euros. Shares trade 0.8% higher at 35.17 euros. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
December 09, 2024 09:16 ET (14:16 GMT)
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