(News Bulletin 247) – Stifel on Tuesday renewed its buy recommendation and its price target of 48 euros for Renault following the presentation yesterday of the development plan for Alpine, the manufacturer’s sports brand.
Beyond the upcoming launch and possible IPO of Ampere, which is generating a lot of interest from investors following the diamond group, yesterday’s event provided a refreshing look at Alpine, which Renault hopes to make move from a niche segment to a more global market, explains the broker.
For the group, Alpine could become the Trojan horse allowing it to enter the American market (via distribution agreements) and to operate its return to China, he argues.
And while Stifel believes that it is still far too early to assign a tangible valuation to these projects, he considers that possible successful launches for the A290, a modernized Renault 5, and the c-XO GT crossover – in 2024 then 2025 – could highlight the value creation potential of the company.
In the shorter term, however, the market’s attention should mainly focus on the publication, next July, of the half-year results, an appointment which is the subject of constantly increasing revised forecasts, he concludes.
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