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Renault: Jefferies sticks to 'underperform' rating

( - Jefferies has reiterated its "underperform" rating on the Renault share and has cut its corresponding target price from 42 euros to 40 euros, after cutting its earnings estimates by about 20%, with its dividend forecast halved.

"Renault guiding down for FY 2019 should not be a major surprise, although the magnitude is," the broker said the day after Renault's trading update.

The broker says it remains concerned about Renault's poor performance in terms of free cash flow and the weakening of its balance sheet before a potentially difficult 2020 on compliance with CO2 emissions requirements.

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