Jefferies reiterates its 'buy' recommendation on Renault, with a price target raised from €43 to €46, considering in particular that 'key valuation indicators remain favorable' for the carmaker's shares.

'We're still at the beginning of Renault's transformation, with CEO de Meo and his team revitalizing the creative side of the group', judges the broker, who expects 'earnings to buck the trend again this year, albeit at a more modest pace'.

A rebalanced alliance should help reduce valuation discounts, but management still needs to reassure on value leakage in planning Ampère's IPO and future minority investments', it continues.

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