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Monday, November 23, 2009
Renault Lifted To Outperform At Credit Suisse
By Barbara Kollmeyer
MarketWatch Pulse
MADRID -- French auto group Renault was upgraded to outperform from underperform on Monday at Credit Suisse, which said it sees fast-improving cash flows at Nissan. Those cash flows at Nissan, of which Renault owns a 44% stake, will be underpinned by strong growth to come in U.S. and China markets, said the investment bank, who lifted its price target to 43 euros from 30 euros. Credit Suisse said it's now recommending investors be long in autos that are least dependent on European Union mass-market demand. For this, the investment banki also likes Daimler , Fiat and Volkswagen . The investment bank cut BMW to underperform from outperform, owing to risk to near-term earnings momentum.
Copyright © 2009 MarketWatch, Inc.
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