PORSCHE AG : HSBC lowers price target
In a research note, the broker indicates that it has lowered its operating profit (Ebit) forecast for the luxury carmaker by 5% for 2024, following a disappointing first quarter marked by a 4% drop in deliveries.
However, in view of the increase in R&D investment required for the electrification of vehicles on the horizon, the broker believes that the stock can justify little more than a premium linked to the 'German quality' theme.
Its new price target nevertheless reveals potential upside of around 14%.
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