Renault: Oddo BHF confirms outperform rating

(CercleFinance.com) - Oddo BHF maintains its Outperform rating on Renault shares, with an unchanged target price of E60.


With Renault set to publish its quarterly results on 10/24 before trading begins, Oddo BHF is targeting sales of E10.4bn (-0.8% as reported), with negative volume dynamics largely offset by positive mix effects (mainly products).

The analyst is also revising his estimates, mainly to take into account the recent disposal of Nissan shares (E494m for 195m shares), which resulted in a capital loss of E1.1bn impacting net income and EPS, but not the dividend.

Excluding these items, our revisions remain very modest (< 2%), and we are still in line with Group and consensus targets (adjusted EBIT, FCF), the broker points out.


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