Porsche downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Porsche to Equal Weight from Overweight with a price target of EUR 50, down from EUR 58. The firm retains its EU autos stance at Negative but pivots to a slight preference for suppliers over auto makers. Pricing and discounts will normalize, fueling a “peak earnings” narrative, leaving an auto makers re-rating elusive until there are signs of stabilization, but suppliers should benefit from a positive earnings trajectory from depressed levels, the analyst tells investors in a research note.