NEW YORK (dpa-AFX) - US analyst Bernstein Research has downgraded Volkswagen (VW) shares from "Outperform" to "Market-Perform", but raised the price target from 135 to 150 euros. Despite the strong rally in certain stocks, the improvement in sentiment towards the automotive sector means that the final phase of the rally is still to come, wrote analyst Stephen Reitman in a study published on Wednesday. Valuations in the sector are by no means exaggerated, but are far below the long-term historical average level, although margins and cash yields have risen sharply. At VW, the expert is waiting for signs that the Wolfsburg-based company is finally tackling its bloated investments and research and development costs and focusing more on increasing returns./la/gl

Publication of the original study: 04/16/2024 / 15:29 / UTC First distribution of the original study: 04/16/2024 / 15:29 / UTC

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