STOCKS NEWS EUROPE-Volkswagen up on CS price target hike
Preferred shares in Volkswagen (VOWG_p.DE) are up 3.2 percent, heading a 0.6-percent stronger DAX index .GDAXI, after Credit Suisse hikes its share price target to 130 euros ($180.9) from 102 euros, reiterating its "overweight" rating.
"Unlike other players, VW has come out of the biggest economic crisis without losing money in a single quarter," Credit Suisse research analysts write in a note, adding that the pre-release of strong third-quarter figures indicated that strong earnings per share could be expected over the coming months. [ID:nLDE69L1KA]
Preferred share in Volkswagen have gained 52.2 percent since the beginning of the year, compared with the STOXX Europe 600 automobiles and parts index .SXAP which has gained 32.3 percent over the same period.
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