Renault shares slump after carmaker issues sales warning

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”.

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