(CercleFinance.com) – Invest Securities downgrades its opinion on Carrefour from ‘buy’ to ‘neutral’ with a price target lowered from 22.4 to 20.8 euros, in the wake of lowered 2022 earnings estimates for both the semester than over the year for the French distribution giant.
‘The risk of deterioration of the fundamentals of the European economy in the face of food inflation as unprecedented as it is brutal comes to blur the visibility’, judges the analyst, stressing that the consumer adjusts his expenses in the face of a constrained purchasing power.
The research office recognizes that Carrefour remains moderately valued, at 11.7 times its expected EPS for 2022, but it notes that ‘the downward pressure on the stock market ratios is deteriorating its relative positioning’.
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