Jefferies keeps Buy rating on Volkswagen stock with EUR 120.00 target

Published on 10/13/2026 at 09:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

VW cut 2026 margin outlook to 1.00 percent on September 18, 2026. Volkswagen stock was EUR 68.68 on October 13, 2026 versus EUR 68.40 at Xetra.

Key points in brief

Jefferies maintained a Buy rating and a EUR 120.00 price target for Volkswagen stock on October 11, 2026.
Volkswagen cut its fiscal 2026 operating margin outlook to 1.00 percent from 4.00-5.50 percent.
Volkswagen stock was trading at EUR 68.68 at Lang & Schwarz on October 13, 2026, 0.41 percent above the EUR 68.40 Xetra close.
Volkswagen will publish its January to September 2026 interim report on October 29, 2026.

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Volkswagen AG (ISIN DE0007664039) was trading at EUR 68.68 at Lang & Schwarz on October 13, 2026 at 9:39 a.m. CEST, 0.41 percent above the Xetra close of October 12, 2026 at EUR 68.40. On October 11, 2026, Jefferies analyst Philippe Houchois maintained a Buy rating and a EUR 120.00 price target, as reported by finanzen.ch.

Margin outlook remains the pressure point

Volkswagen's September 18, 2026 forecast update put fiscal 2026 sales revenue at EUR 315.0 billion and operating margin at up to 1.00 percent, down from the previous 4.00-5.50 percent range. The company also cited EUR 10.0 billion in special items, including a EUR 6.0 billion non-cash goodwill impairment tied to Porsche, according to FinanzNachrichten.

The latest half-year figures show why the lower outlook matters. Volkswagen Group reported EUR 158.1 billion in revenue and EUR 5.9 billion in operating profit for the first half of 2026, with operating profit 11.6 percent below the EUR 6.7 billion reported for the first half of 2025, according to Volkswagen Group.

Three milestones shape the setup

On September 18, 2026, Volkswagen set the 1.00 percent fiscal 2026 margin ceiling. On September 28, 2026, PowerCo committed EUR 470.0 million by 2030 for 49 percent stakes in two battery ventures, according to Volkswagen Group. On October 11, 2026, Jefferies kept its EUR 120.00 target, putting the target 74.27 percent above the Lang & Schwarz price.

What does the margin cut mean?

The comparison with the first half of 2025 is the key signal: revenue was EUR 158.1 billion versus EUR 158.4 billion, while operating profit fell to EUR 5.9 billion from EUR 6.7 billion. Management also expects automotive net cash flow of EUR 3.0 billion to EUR 6.0 billion in fiscal 2026, while China and the faster shift toward battery-electric vehicles remain central operating pressures, per Volkswagen Group.

Two dates define the next phase

Volkswagen listed October 13, 2026 for its Q3 pre-close call and October 29, 2026 for the interim report covering January to September 2026, both on its investor calendar.

Stock price and reference base

Volkswagen stock was trading at EUR 68.68 at Lang & Schwarz on October 13, 2026 at 9:39 a.m. CEST, 0.41 percent above the Xetra close of October 12, 2026 at EUR 68.40. The reference quote sits inside the EUR 66.60 to EUR 109.15 52-week range, while market capitalization was EUR 34.5 billion on October 13, 2026.

The further course of trading is shown by the continuously updated real-time quote of Volkswagen AG stock.