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Renault: Goldman Sachs upgrades to 'Buy'

( - Goldman Sachs has upgraded its rating on the Renault share to “Buy,” with a target price of 28 euros.

"Renault is targeting a greater than 20% reduction in fixed costs (ex capex) and over E2 bn in cash cost savings by end-2022 (equating to c.75% of 2019 op. Income," the broker said.

"We increase our 2021/22E adj. EPS by 7%/22%... We expect Renault to be a beneficiary of European scrappage programs and electric vehicle support," Goldman Sachs adds.

Analysts expect underlying Free Cash Flow (FCF) of around 1.1 billion euros in 2021.

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