The analysts said the conservative brands would include Volkswagen, Bentley and Skoda. Audi, Seat and Lamborghini would be the aggressive brands.
VW did not comment and would not confirm Pischetsrieder had briefed analysts.
"This is an attempt to be more aggressive with Seat and Audi," said UBS Warburg analyst Jim Collins, who was at the meeting.
Pischetsrieder, Seat's chairman, is widely considered to be the heir-apparent to VW Chairman Ferdinand Piech, who will retire next year.