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STOCKS NEWS EUROPE-Bernstein recommends VW over BMW

Reuters - UK Focus

Bernstein recommends that investors pick Volkswagen (Other OTC: VLKAF - news) shares over BMW (Berlin: BMW.BE - news) , changing its stance, saying market expectations for VW have become more realistic while BMW's outlook appears too bullish.

"VW has extensive exposure to a European market recovery, a U.S. business with massive room for improvement, a Porsche franchise with considerable growth potential and currency headwinds already baked into guidance," Bernstein analysts say in a note to clients.

They upgrade VW shares to "outperform" from "market-perform" and lift their share price target to 260 euros, while downgrading BMW to "market-perform" from "outperform", with an unchanged share price target of 100 euros.

They also lift Porsche preference shares to "outperform" from "market-perform" and lift their price target to 100 euros from 75 euros, in line with the higher VW price target.

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Shares in VW are up 2.4 percent at the top of Germany's blue-chip DAX index in early trade, while BMW's stock is unchanged and Porsche is up 3.4 percent.

Reuters messaging rm://maria.sheahan.thomsonreuters.com@reuters.net