(CercleFinance.com) – Renault shares were among the biggest drops in the CAC 40 index on Thursday on the Paris Stock Exchange, penalized by a lowering of HSBC’s recommendation.
Analysts at the British bank downgraded their advice on the automotive constrictor to ‘hold’ versus ‘buy’ previously, with a price target reduced from 44 to 42.5 euros.
Around 4:00 p.m., the title lost 1.7%, compared with a drop of 1.6% for the CAC.
In a research note, HSBC analysts judge that the catalysts likely to carry the stock price (investor day, splitting of electrical and thermal activities, restructuring of the alliance) have all already materialized.
They recognize that the determination of the price of the possible introduction of Ampere could constitute a favorable element, but point out that the IPO of Porsche last year had only slightly benefited its parent company Volkswagen.
After a jump of 30% since the day of investors in November and given the economic risks surrounding Europe, its main market, HSBC therefore prefers to downgrade its advice on the title.
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