Exane BNP Paribas upgraded Volkswagen to Neutral from Underperform with a EUR 138 price target. Today’s battery electric vehicle weakness “is merely the tip of a melting iceberg as affordability constraints bite,” the analyst tells investors in a research note. The firm says other rich segments “will add to the meltwater” in 2024. Exane supports more cyclical mass global auto names in 2024.
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