Renault: Oddo confirms rating after AGM
(CercleFinance.com) - All the resolutions proposed were voted yesterday afternoon at Renault's AGM, as recommended by the board.
Following this AGM, Oddo confirms its buy rating on the stock, along with its target price of 95 euros.
Oddo underlines that JD Senard has managed to win support from shareholders by defending a new governance, the merger project with FCA, the importance of the group's Alliance with Nissan, as well as Renault's interests within this Alliance.
Oddo says that JD Senard believes that the balance must be respected at the Renault level: he will not be the Chairman who will reduce Renault's powers within the Alliance.
It adds that T. Bolloré is convinced of achieving its targets, based on three pillars: i/ strategic leadership (EV with the ramp-up of BEV ranges, but also the arrival of hybrids on the compact range that will offer significant autonomy in electric mode (light commercial vehicles and global access range), ii/ a diversified geographical mix (50% of sales in Europe and 50% outside Europe) and iii/ the Alliance.
Oddo believes that Renault is rolling out a 2018-2022 plan with precise and ambitious targets and that it benefits from the Alliance's synergies, particularly with the ramp-up of the B platform shared with Nissan (Clio, Captur, global access range)... and tomorrow with the arrival of the electric platform.
Beyond media coverage, relations between Renault and Nissan are progressing, withv advance each logically establishing its rights. In addition, the FCA story may not be over yet, Oddo adds.
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