Citi sees 'highly favourable' risk-reward profile in Aston Martin
Aston Martin Lagonda Global Holdings Plc
155.10p
16:30 24/04/24
-1.02%
-1.60p
Citi stood by its 'buy' recommendation and 600.0p target price on Aston Martin stock following the carmaker's announcement of a capital increase.
Aston Martin Lagonda Global Holdings
154.20p
16:40 24/04/24
-1.78%
-2.80p
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The agreed £500.0m fund-raising meant the potential overhang from selling new shares and risk stemming from its Vantage model were "largely removed".
Now it was "all about the DBX", the manufacturer's first luxury SUV, and delivering on its launch.
"With shares discounting circa 12% cost of equity compared to Ferrari at 6% even after a bigger than expected capital raise we see a highly favourable risk reward profile."