Analysts remain bullish about Porsche AG after its landmark initial public offering (IPO).

Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc. and Deutsche Bank AG analysts rated the luxury automaker a buy or equivalent this week. They cited the company’s brand presence, focus on electric vehicles and resilient financial performance as the reason why.

“We believe Porsche offers unique exposure to the luxury automotive segment, enjoying strong pricing power, allowing the firm to face challenges” including higher inflation costs, EV transition and autonomous driving, JPMorgan analysts led by Jose M Asumendi wrote.

The company’s $9.4 billion IPO represents the largest in more than a decade in Europe. The IPO delivered a positive outlook to a listings market that has struggled because of rising inflation, soaring interest rates, and the threat of global recession.

Porsche AG shares have surged more than 20% since its late September debut, with the company surpassing parent Volkswagen AG as Europe’s most valuable carmaker in October.

Analysts forecast another 5.1% gain in the next 12 months, based on estimates compiled by Bloomberg. JPMorgan predicts the stock will hit €140, implying a 40% rally.

Not every analyst was bullish. BNP Paribas Exane’s Dorothee Cresswell gave Porsche AG a neutral rating, warning that being part of Volkswagen group brings execution risk and dependency along with the positives of further scale and synergies.