European Stocks to Watch: Renault
Shares in Renault outperformed the CAC-40 with a 4.2%, rise as the French automaker said it was considering adding a low-cost car to its fleet to target emerging market consumers, Reuters reported.
The move comes one day after the company reported vehicle sales fell 4.2% in May, compared to a year earlier, due to increasing competition from Asian brands and an aging product portfolio.
The bold attempt to compete with Asian automakers in their own market would see Renault create a car for the Indian market that would retail at $3,000, according to French newspaper Le Figaro.
Centrica (Up 4.5%) Citigroup upped its rating for shares of the British utility to "Buy" from "Hold" and increased its price target as fears over a U.K. retail energy price war are overdone, Citigroup analyst Peter Atherton, wrote in a research note, according to Reuters.
INVESCO (2.1%) The board of the money-management company authorized the repurchase of up to $500 million worth of its own shares.
Bradford & Bingley (Up 5.8%) Credit Suisse upgraded the stock to "neutral" from "underform," saying that after a 30% decline shares are now attractive and that the company is likely to return $1 billion to shareholders, Dow Jones reported.