Analyse BMW stock

Adjusted price target instead of confirmation of the consensus target of 93.12 EUR.
Reason: The current price of 60.56 EUR implies an upside of around 54% to the consensus target. Based on the available key figures, this seems too ambitious for BMW.

Quantitatively:
BMW trades at a P/E ratio of 9.71, which at first glance seems cheap, but is not unusual in the auto sector due to high cyclicality, China risks, EV transformation costs and margin pressure. Compared to the current price, the consensus target is well above a plausible range based on historical multiples and industry standards. Based on a more normal cyclical valuation f...