Renault: Jefferies still rates 'underperform' - cuts target
(CercleFinance.com) - Jefferies reinstates its "underperform" rating on the Renault share, while taking a cutting a good slice off its target price, which is now 28 euros (vs.
38 euros), after the French car maker cut its estimates by 11%.
However, the broker considers in its note that, "even on depressed Nissan/Daimler shares, the group remains asset rich which, governance (French State) allowing, offers strategic options".
"To help restore earnings, now may be the time to "leverage" Renault's bsheet wealth to add liquidity, regain strategic leadership (Nissan, EVs)," it adds.
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