Renault: Invest Securities cits target price
(CercleFinance.com) - The broker's analysts reduced their 2019/21e EPS esimates by -26%/-11%/-9.
5% respectively folowing the group's publication of H1 2019 results.
This time the surprise announcement in the form of a new warning affects not just 2019, but also the outlook for 2022 with the "Drive the Future" plan placed under review, Invest Securities says.
The broker says that it is cutting its 2019/21e EPS estimates by -20%/-24%/-17% and has reduced its target price to 72 euros, from 90 euros previously. The share price fell sharply (-11.5%) after this warning, which brought it to its lowest level for over 5 years, having already been affected in August, analysts add. They do however confirm their buy rating on the share.
Although the share lacks positive momentum in the near future, it remains undervalued relative to the broker's target price, which it has cut by 20%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.