RESEARCH ALERT-Dresdner cuts VW target to 30 euros

Newswire

FRANKFURT, July 28 (Reuters) - 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 ...

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