FRANKFURT -- Dresdner Kleinwort Wasserstein has cut its price target for German carmaker Volkswagen AG to 30 euros a share from 31, it said on Wednesday, adding it did not see long-term value in the stock.
In a research note to clients, it said it reduced its 2004 earnings per share estimate to 1.97 euros from 2.38, but raised its 2005 view to 3.51 from 3.20 euros per share.
"This primarily reflects the shift in cost savings from 2004 into 2005. We continue to view such profitability levels as challenging," the bank wrote.
Europe's largest carmaker last week slashed its 2004 profit target after weak first-half earnings that nonetheless surpassed muted analyst expectations.