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Carrefour: Berenberg raises target price

( - On Thursday Berenberg nudged up its target price for Carrefour shares from 23.
1 euros to 23.3 euros, following a quarterly performance deemed "solid".

The German broker believes that the retailer benefited from robust commercial activity in Q1, thanks to market share gains in its three most strategic countries (France, Brazil and Spain).

Berenberg - which has a buy rating on the stock - expects the group to maintain its market share in France thanks to a series of measures designed to boost growth.

It also expects cash flow generation to enable it to complete share buybacks and portfolio streamlining, again offering opportunities for capital reallocation, it says.

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