Porsche’s stock plummets 24% in 2024—will it bounce back?
Porsche’s stock market performance has faced a tough year, dropping 24.14% since January. The share price now sits at €44.06, nearly 30% below its 2023 peak of €63.06. Yet, despite the downturn, major banks remain optimistic about its recovery potential.
The automaker’s struggles in 2023 have left investors questioning whether the stock market has hit its lowest point. A year-to-date loss of 24.14% and a 12-month decline of 26.32% reflect the ongoing pressure. However, technical indicators like the Relative Strength Index (RSI) at 35.2 suggest the stock may be oversold, a level that has often preceded rebounds in the past.
Porsche’s share price currently trades well below its 2023 high, but analyst confidence persists. The company’s operational achievements and planned product launches could shape its future performance. Whether the stock market stabilises or faces further declines will depend on market reaction to these developments.
