(News Bulletin 247) – Invest Securities maintains its ‘neutral’ rating on Carrefour shares, with a slightly reduced price target, which now stands at 17.7 euros, against 18 euros previously.
‘Carrefour is in an improved competitive position with a clear strategy served by a healthy financial situation, but the operating conditions remain adverse, particularly in France where state interventionism is counterproductive while mass consumption sees its evolution arbitrated by inflation’, underlines the analyst.
Invest nevertheless considers the 2022 financial year ‘correct’ but believes that the optimistic forecasts posted at the start of the year have been partly thwarted with new factors of weakness in Europe (Spain).
In 2023, Brazil should be able to deliver on the promise of more profitable growth after giving primacy to leadership in PDM.
‘The sector limits the stock market interest of Carrefour and an assessment that is still modest but insufficient to constitute more than a restoring force’, concludes the broker.
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