Renault: Oddo BHF still a buyer, but cuts target price
(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Renault shares, reducing its target price for them from E60 to E55, following the sector's recent derating (more conservative multiples, estimates unchanged).
Yesterday, Renault reported Q3 sales of E10.5bn, up 8% as reported (+14% excluding FX effects), bang in line with the consensus (E10.5bn).
The car maker also confirmed its annual targets, as expected.
The analyst says that despite yesterday's fall in the share's price, the publication and management's comments reinforce his view that the car maker is still ahead of its targets, especially as the best is yet to come - even though the product offensive is still in its early stages. He adds that Renault remains one of his best picks this year.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Yesterday, Renault reported Q3 sales of E10.5bn, up 8% as reported (+14% excluding FX effects), bang in line with the consensus (E10.5bn).
The car maker also confirmed its annual targets, as expected.
The analyst says that despite yesterday's fall in the share's price, the publication and management's comments reinforce his view that the car maker is still ahead of its targets, especially as the best is yet to come - even though the product offensive is still in its early stages. He adds that Renault remains one of his best picks this year.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.