Porsche SE Hit by Portfolio Company Performance -- Market Talk

Dow Jones10-03

1155 GMT - Barclays downgrades Porsche SE to underweight from equal weight due to the company's recent guidance cut and to take account of lower price targets at Volkswagen and Porsche AG. Porsche SE owns 31.9% of Volkswagen's share capital, made up of 53.3% of the ordinary shares and 1.3% of the preference shares, while it also holds 12.5% of the ordinary shares in sports-car maker Porsche AG. Volkswagen recently cut its full-year guidance, following similar warnings from Porsche AG rivals BMW and Mercedes-Benz. Porsche SE also intends to make further core and portfolio investments which investors seem averse to, generally preferring deleveraging or buybacks instead, the bank says. Barclays lowers Porsche SE's price target to 35 euros from 42.50 euros. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

October 03, 2024 07:55 ET (11:55 GMT)

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