Deutsche Bank has cut its rating on BMW but increased its target price for shares in the premium-brand automaker.
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In a research note, the bank’s analyst said that it had cut its rating on BMW to ‘hold’ from ‘buy’ because it now expected that second half earnings will decline 4% in the auto division as favourable yen hedges tail off and revenue momentum slows.
However, the bank raised its target price to EUR41 from EUR40.
