Berenberg Keeps Porsche AG's Hold Rating, Price Target After Capital Markets Day

12:27 PM EDT, 10/09/2026 (MT Newswires) -- Berenberg maintained its hold rating on Porsche AG (P911.F) after the German automaker presented its Sportwagenschmiede '35 strategy at its capital markets day on Wednesday. "Porsche delivered a credible mid-term plan on 7 October at its capital markets day (CMD) - a rather rare feature in an automotive sector lacking visibility - reiterating its 10-15% medium-term (2030) margin target, alongside a new 9-12% net cash flow margin target," the research firm said Friday. "With 2027 having already been rebased, reflecting weaker China and product gaps (Macan ICE, 718), 2028 earnings inflection ultimately relies on the on-time launch of products and 911 resilience, where further volume growth and meaningful price increases look challenging after the strong performance of recent years." "The current valuation leaves Porsche trading on demanding near-term multiples (27x/18x P/E for 2027E/28E), perhaps capping re-rating potential until we get closer to the 2028 margin inflection," Berenberg added. As such, Berenberg trimmed its 2028 sales, EBIT and EPS projections, while maintaining the price target at 46 euros.