Barclays reiterates its 'overweight' opinion on Renault and its price target of 60 euros, a target that still implies only a 2024 P/E (price to EPS ratio) of four times and a dividend yield of 8%.

After a roadshow with the carmaker's CFO and its Q1 2024 earnings release, the broker says it remains around 5-15% above consensus EBIT for the 2024-26 period.

We have always appreciated Renault's product management and substance, and now see more upside potential on momentum (mix), free cash flow and dividend," he continues in his note summary.

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