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Renault: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF confirms its 'outperform' rating on Renault shares, with its target price raised from E55 to E60.


Yesterday, it reported Q1 sales of E11.7bn, slightly ahead of expectations (consensus of E11.5bn).

Furthermore, as expected, the car maker fully confirmed its annual targets (OM 7.5%, FCF Auto E2.5bn), confirming Oddo BHF's view that 'the consensus is still too cautious (OM of 7.5%, FCF of E2.45bn) and should continue to be revised upwards (7.8%, E2.9bn).

The broker also highlights the share's very good performance (+33% over 3 months, +26% YTD,) and confirms its positive opinion on the stock, with a 2024 P/E of just 4x and potentially a capacity to surprise positively from H1 onwards in terms of profitability.


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