Renault shares slump after carmaker issues sales warning

This post was originally published on this site

PARIS (Reuters) – Renault (PA:) shares slumped on Friday after the French carmaker cut its revenue guidance for 2019 and lowered its profitability forecast.

Renault shares were down 11% in early trading.

After the market closed on Thursday, Renault said sales were likely to drop between 3% and 4% this year. The company also said its operating margin was set to come in at 5%, versus a previous 6% goal.

“Overall, there are too many uncertainties today,” wrote Deutsche Bank (DE:) analysts, as they cut their rating on Renault to “hold” from “buy”.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.