Brokerage Morgan Stanley has raised its 2006 earnings estimates for Volkswagen due to a higher-than-expected profit at affiliate LeasePlan and a more positive outlook at its Chinese joint venture.
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According to Reuters, the firm raised its 2006 earnings estimate for the German carmaker by 14% to EUR4.00 a share, and those for 2007 and 2008 by 10% and 9%, respectively.
Morgan Stanley reportedly maintained its EUR48 share price target and reiterated its “underweight” rating on the stock.
