Bank of America downgraded Volkswagen /zigman2/quotes/204309985/delayed DE:VOW3 +1.74% and Porsche /zigman2/quotes/209812019/delayed DE:PAH3 +1.71% to neutral from buy while it upgraded Daimler /zigman2/quotes/205332368/delayed DE:DAI +1.44% to buy from neutral. It kept its rating on BMW /zigman2/quotes/209548467/delayed DE:BMW +0.28% at neutral. "First, we think premium car makers will perform better than mass market peers [in second-quarter results] driven by their more international exposure, particularly to China. Second, we think that June could be a weak month for Europe with Germany likely to underperform the rest of the region due to delayed demand as consumers wait to benefit from VAT cuts," the broker said.











