1613 GMT - Renault's exposure to a strong European market makes it the biggest beneficiary of potential regulatory protection, Morgan Stanley analysts say in a note. Renault is unlikely to sustain the market share growth it saw last year amid competition with Chinese carmakers but that doesn't rule out positive volume growth, MS says. That is because the French carmaker is the most exposed company to European pent-up demand, which has further room to recover, MS says. Chinese competition is a concern long term but it brings incentives to adjust costs and capacity, the analysts say. MS upgrades Renault to equalweight from underweight, and raises the target to 31 euros from 25 euros. Shares closed at 29.36 euros.