On Monday, Berenberg raised its target price for Renault shares from €52 to €55, while maintaining its Buy recommendation.
In a research note, the consultancy describes the automaker's first-quarter results as "solid" and praises the quality of its "mix", which it believes will support profit margins this year.
The resilience of its prices, combined with the product offensive planned for this year, leads it to expect the automaker's profitability to improve year-on-year in 2024, a rare occurrence within the sector in its view.
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Renault is one of the world's leading automobile constructors. Net sales break down by activity as follows:
- sale of vehicles (91.9%): 2.2 million passenger and commercial vehicles sold in 2023, distributed by brand between Renault (1,548,748), Dacia (658,321), Renault Korea Motors (21,980), Alpine (4,328) and other (1,968);
- services (8.1%): financing services for vehicle sales (purchasing, renting, leasing, etc.; RCI Banque), related services (maintenance, warranty extension, assistance, etc.) and mobility services.
At the end of 2023, the group had 38 industrial sites worldwide.
Net sales are distributed geographically as follows: France (29.2%), Europe (49.3%), Americas (8.7%), Eurasia (6.1%), Asia/Pacific (3.5%), Africa and Middle East (3.2%).