Renault Stock Rises Almost 10% on Upgrades

(CEP News) Frankfurt - Stock in Renault SA received a 9.7% boost following upgrades in its shares by both Sanford C. Bernstein & Co and Morgan Stanley.

Earlier, Sanford C. Bernstein & Co upgraded recommendations on Renault stock from market perform to outperform.

“We see clear signs of light and the potential for improvement in both Renault and Nissan,” Sanford Bernstein analyst Max Warburton said in a research report published on Monday.

Meanwhile, Morgan Stanley increased its stock estimate for the French automaker by 60%, citing its own upgrades to Nissan shares.

Nissan is 44% owned by Renault, France’s second largest car maker.

According to a report from Morgan Stanley analyst Adam Jonas, Nissan is well-placed to benefit from the recovery in the U.S. auto market. As a result, the analyst has increased his stock estimate in Renault to €24 from €15.

Meanwhile, Morgan Stanley upgraded Nissan from underweight to overweight.

Written by CEP News European Staff, eunews@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca

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Posted in Categories: Australia, Auto, Economy, Eurozone, Forex, Releases, USA.

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