Renault initiated with a Neutral at Goldman Sachs

Goldman Sachs analyst Christian Frenes initiated coverage of Renault (RNLSY) with a Neutral rating and EUR 36 price target The firm sees “tumultuous times” for European car makers with Chinese players pushing to expand globally and battery electric vehicle momentum continuing. Meanwhile, tariffs, currency moves and emission regulation in the European Union “add to the burden,” the analyst tells investors in a research note. However, Goldman points out that BMW, Mercedes, Volkswagen and Renault now have negative industrial stub valuations. The firm finds this “premature” and thinks the premium space is the most undervalued. Goldman believes Renault does offer the “attractive value” that its premium peers do.