GS upgrades Vitesco as broad portfolio props leading position, shares rise

Vitesco Technologies AG

10/01/2023 10:10

** Shares in Vitesco  VTSCn.DE  rise 3% after Goldman Sachs
upgrades the German EV components producer to "buy" from
"neutral"
    ** The broker says Vitesco has proven itself a leader in the
electric powertrain space with orders of over EUR 12 billion
($12.9 billion) in the past 12 months, more than any other
supplier
    ** It also highlights that the orders were won across the
company's entire portfolio
    ** "With different EV components facing different risks of
in-sourcing, we view Vitesco and its broad product offering as
well-placed to retain their leadership in the space," GS writes
    ** It estimates the company has an electrification order
backlog of more than EUR 20 billion, ahead of any other
pure-play powertrain supplier globally
    ** Vitesco, which split from Continental AG  CONG.DE  in
2021, is the top performer on the German small-cap index
 .SDAXI 
    ** Out of 15 analysts that cover Vitesco, nine rate the
stock "strong buy" or "buy" and ​six "hold"
($1 = 0.9309 euros)
 (Reporting by Andrey Sychev in Gdansk)
 ((andrey.sychev2@thomsonreuters.com))