FRANKFURT: Shares in Volkswagen , the world's second-largest carmaker, rose to their highest in more than three years on Wednesday, boosted by upbeat comments from analysts that included UBS raising its price target by 50%.

Preferred shares, which are listed in Germany's benchmark DAX index, advanced as much as 6.2% to their highest since January 2018, taking Volkswagen's market value to 100.4 billion euros ($121 billion).

Raising its target price to 300 euros per share from 200 euros, UBS said findings from dismantling Volkswagen's ID.3 fully-electric model made it more optimistic on the component landscape for battery electric vehicles (BEV).

"The market has been waiting for our #BEV-ramp-up and wanted to see some proof points, so here we are," Volkswagen Chief Executive Herbert Diess said on Twitter

Ordinary shares rose as much as 5.6% to their highest since July 2015, two months before the diesel scandal broke.