(News Bulletin 247) – Invest Securities raises its recommendation on Carrefour from ‘neutral’ to ‘buy’ with a target price raised from 18 to 21.3 euros, in view of the presentation by the distribution group of its turnover. business, April 25.
According to the design office, it should ‘generally master a still complicated environment by reducing more and more and better and better the elasticity of its activity to volumes under pressure at the sectoral level’.
Adding that ‘this control finally comes in a context of costs where the dominant variable of wages is increasingly behind food inflation’, he believes that Carrefour seems to be posting good performances almost everywhere in Europe.
‘The second part of the year could be more difficult, but our annual profit forecasts are significantly raised as well as the generation of FCF in favor of inflation’, continues the analyst.
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