Renault shares break through €28.90 as support after Jefferies upgrade

A Jefferies upgrade lifts the stock above €29

Renault gains 2.64% to €29.57, in a Paris index that rises 1.07%: the stock is among the biggest gainers in the CAC 40.

Jefferies upgraded its analyst rating from hold to buy and raised its price target from €30 to €34, which implies potential of about 15% relative to the day's price.

The analyst consensus serves as a benchmark for this upgrade. The stock trades at about 4.9 times expected earnings for the current fiscal year, according to the consensus of recorded analysts. This rebound is part of a multi-week momentum: +6.4% over the week and +11.6% over one month, while the stock remains down 13.1% over one year.

A stock passes its 30-session high and tests €32.52

The stock has just broken above its highest level of the last 30 sessions, at €28.90, which now acts as support. It now trades above its three moving averages: the 200-day moving average (MM200) at €28.46 is 3.9% below the price, and the 50-day moving average (MM50) is at 7.8%.

The RSI at 64 reflects an established buying momentum, without overbought conditions. The next resistance lies at €32.52.

On the net short positions side, seven funds together hold 8.19% of the capital according to the declarations reviewed, a level down 2.91 points over thirty days, after 11.10% one month earlier. This decline in bearish bets is consistent with the current rebound.

The group had confirmed its 2026 outlook in its publication of October 29, with an operating margin target of about 5.5%.