Bernstein analyst Stephen Reitman lowered the firm’s price target on Volkswagen (VWAGY) to EUR 90 from EUR 102 and keeps a Market Perform rating on the shares following quarterly results. The firm says that what remains unresolved is Volkswagen’s ability to execute its strategy and to rein in what still appears to be profligate levels of R&D and CAPEX. This spending does not seem to have materially accelerated the launch cadence of critically needed vehicles, whether they be affordable BEVs for VW brand or a 2nd gen ICE successor to the Porsche Macan built on existing Audi underpinnings.
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