Citigroup Lifts Price Target for VW Preferred Stock, Cuts Common

By Christiane Lenzner

Aug. 31 (Bloomberg) -- Citigroup Inc. raised its price estimate for Volkswagen AG’s preferred shares to 80 euros from 45 euros, while cutting its projection for the common stock to 120 euros from 200 euros.

The preferred shares “are effectively the only practical investment route into the European, and possibly global car leader, with index inclusion inevitable we believe, though not before December unless Qatar exercises early.”

The brokerage lifted its share-price estimate for Porsche SE to 45 euros from 40 euros.