UBS has downgraded its recommendation on Porsche Automobil Holding from 'buy' to 'neutral', with a price target adjusted from €55 to €52, a new target that offers only 6% upside potential for the German automaker's stock.

The broker justifies this downgrade by its latest update of the NPV (net asset value) model, following the publication of 2023 results. Of the three stocks in the broader Volkswagen universe, we prefer P911, which is recommended as Buy," he adds.

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