Renault downgraded to Sell from Neutral at UBS

UBS analyst David Lesne downgraded Renault to Sell from Neutral with a price target of EUR 31, down from EUR 42. The analyst says legacy mass manufacturers are at greatest risk of structural market share losses due to intensifying competition from Chinese carmakers and Tesla. With 70% unit sales exposure to Europe and a 10% European market share, Renault is one of the most exposed names here, the analyst tells investors in a research note.