October 18, 2019 / 7:08 AM / a month ago

Renault shares slump after carmaker issues sales warning

PARIS, Oct 18 (Reuters) - Renault 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 analysts, as they cut their rating on Renault to “hold” from “buy”. (Reporting by Sarah White and Sudip Kar-Gupta; Editing by Mark Potter)

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