Renault shares were among the biggest decliners in the CAC 40 index on the Paris Bourse on Thursday, penalized by a recommendation downgrade by HSBC.

Analysts at the British bank downgraded their recommendation on the carmaker to 'hold' from 'buy', with a price target reduced from 44 to 42.5 euros.

At around 4:00 pm, the share price was down 1.7%, compared with a 1.6% fall for the CAC.

In a research note, HSBC analysts consider that the catalysts likely to boost the share price (investors' day, demerger of the electrical and thermal activities, restructuring of the alliance) have all already materialized.

They acknowledge that the pricing of Ampere's potential IPO could be a positive factor, but point out that Porsche's IPO last year did little to benefit its parent company Volkswagen.

After a 30% jump since the November investor day, and in view of the economic risks surrounding Europe, its main market, HSBC prefers to downgrade its recommendation on the stock.

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