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Renault: Jefferies raises target price

( - Jefferies maintains its buy rating on Renault shares, increasing its target price for them from 43 euros to 46 euros, considering in particular that "Key valuation indicators remain supportive" for the car maker's share.

"We are still early in the transformation of Renault, with CEO de Meo and team reviving the group's creative side," the broker says, which expects to see " contrarian earnings
again this year, albeit at a more modest pace".

"A re-balanced Alliance should help reduce valuation discounts but mgmt still needs to reassure about value leakage (here) in planning the IPO of Ampere and future minority investments," analysts add.

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