"Friday's release supported our concerns about muted earnings growth and the pace at which VW is adding capital (organic and M&A) and constraining returns," UBS analysts wrote in a note to clients, keeping a "sell" rating on the stock.
Volkswagen plans to buy out minority shareholders of Scania for 6.7 billion euros ($9.21 billion) as it aims to jump-start a stalled eight-year effort to forge Europe's biggest truckmaker.
It will sell preferred shares for up to 2 billion euros, issue hybrid capital of up to 3 billion euros and draw another 2 billion euros from its ample cash reserves.
(Read more: Volkswagen US CEO: Expect an 'array' of electric vehicles)
The company also said its 2014 operating margin could be within a range of 5.5 percent and 6.5 percent, compared with 5.9 percent last year.
Analysts at Barclays cut their recommendation on Volkswagen's stock to "equal weight" from "overweight", saying they expected the weak outlook and the Scania bid to dent sentiment and underline a view that VW management was "focused on being big at the expense of shareholder returns".
After 30 minutes of trading on Monday, the volume of Volkswagen shares was more than the stock's daily average volume of the past three months.
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