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VW Stock Price Headed for Record High?
Volkswagen AG’s stock price, which recovered from the company’s 2-year-old diesel emission cheating scandal last month, could set a new record high in 2018, says Bloomberg News.
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Volkswagen AG’s stock price, which recovered from the company’s 2-year-old diesel emission cheating scandal last month, could set a new record high in 2018, says Bloomberg News.
Arndt Ellinghorst, an analyst with Evercore ISI, tells the news service that VW preferred shares could reach €300 ($355).
VW’s share price peaked at €248 in March 2015. But by the end of September—two weeks after its cheating became public—shares had plummeted to €99. VW’s preferred shares currently are trading near €180, up more than 40% in less than four months. Bloomberg notes that VW shares began to soar after the carmaker raised its financial outlook in late October.
But the financial news service adds that skeptics believe it’s too soon to declare that VW’s diesel woes are over. They say the scandal could still lead to “huge” fines in Europe. VW has so far set aside some €25 billion ($30 billion) to cover diesel-related legal settlements, penalties and restitution programs, mainly in the U.S.
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