DJ MARKET TALK: Citigroup Cuts Volkswagen To Hold From Buy

11/08/06 - Dow Jones Newswires

0812 GMT [Dow Jones] Citigroup Investment Research downgrades Volkswagen (VOW.XE) to hold from buy. "With Dr. Pischetrieder's resignation, the restructuring story at VW can't be sustained," Citigroup says. However says the resignation shouldn't herald a takeover by Porsche (POR3.XE), adding that voting restrictions for the next two years are in the hands of The State of Lower Saxony. Citigroup says it doesn't expect the state to become a seller of its stake. Keeps EUR80 target price. Shares +0.1% at EUR81.33. (HAD)

 
Contact us in London. +44-20-7842-9464 
Markettalk.eu@dowjones.com 
 
 

(END) Dow Jones Newswires

November 08, 2006 03:12 ET (08:12 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.