Bank of America downgraded Volkswagen (FRA:DE:VOW3) and Porsche (FRA:DE:PAH3) to neutral from buy while it upgraded Daimler (FRA:DE:DAI) to buy from neutral. It kept its rating on BMW (FRA:DE:BMW) 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.
June 16, 2020, 9:23 a.m. EDT