0735 GMT - This year will be another difficult one for automotive manufacturers, Berenberg's Romain Gourvil writes. The volume recovery is taking longer than expected, concerns about trade tensions are growing, and investors need convincing that new models will provide margin support. Berenberg upgrades BMW to buy from hold and downgrades Mercedes-Benz and Porsche Automobil Holding to hold from buy. Porsche AG, Renault and Volkswagen are retained at buy and Stellantis at hold. Its BMW price target moves to 92 euros from 80 euros; Mercedes-Benz to 63 euros from 70 euros; Porsche Automobil Holding to 41 euros from 67 euros. Porsche AG price target moves to 75 euros from 83 euros; Renault to 57 euros from 55 euros; Stellantis to 14 euros from 17 euros; and Volkswagen's is retained at 112 euros. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
January 22, 2025 02:35 ET (07:35 GMT)
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