Renault: Jefferies no longer a seller
(CercleFinance.com) - Jefferies has upgraded its rating on the Renault share from "underperform" to "hold," while increasing its corresponding target price from 30 euros to 37 euros, recapping the strategic plan recently unveiled by the French car maker.
"The turnaround plan set the bar low enough to exceed targets but also came across as fairly conventional at a time when the industry is forced to re-invent itself, " Jefferies notes.
"At some point, asset wealth may provide opportunities to redeploy capital and correct valuation imbalance but this remains distant," the broker says, adding that "Meanwhile operations have stopped deteriorating".
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