Renault shares should enjoy some relief after an analyst call ahead of earnings confirmed full-year guidance that sits above consensus, Jefferies analyst Philippe Houchois writes. However, Renault also reiterated guidance that the second-half margin would exceed the first half, which in the bank's view keeps risk to the downside given competitive market conditions. For the first half, Jefferies expects revenue of 28.9 billion euros, adjusted EBIT of 1.32 billion euros, and a 4.6% margin. Management highlighted competitive cost improvement from the Horse Powertrain joint venture and Jefferies expects the group's results presentation to discuss the Nissan stake and diversification into drones and humanoid robotics. Jefferies rates Renault stock at hold with a 31 euro price target. Shares rise 3.2% to 25.89 euros. (dominic.chopping@wsj.com)