Carrefour: Oddo BHF upgrades to 'buy'
(CercleFinance.com) - Oddo BHF has upgraded its rating on the Carrefour stock from "neutral" to "buy," raising its target price from 15 euros to 20 euros.
The broker believes that actions undertaken in the first half lead it to increasingly believe in Carrefour's cost reduction target of two billion euros.
In our opinion, Carrefour's leeway is improving, which leads the broker, to cautiously expect a more substantial price repositioning than originally aimed at (1.3 billion euros against 1 billion euros), it adds.
The broker also points out that the share is trading at a 7% discount relative to European peers for 2019 and 19% for 2020. It concludes, saying that the share's current price provides investors with an interesting entry point to play the group's recovery over the medium term.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker believes that actions undertaken in the first half lead it to increasingly believe in Carrefour's cost reduction target of two billion euros.
In our opinion, Carrefour's leeway is improving, which leads the broker, to cautiously expect a more substantial price repositioning than originally aimed at (1.3 billion euros against 1 billion euros), it adds.
The broker also points out that the share is trading at a 7% discount relative to European peers for 2019 and 19% for 2020. It concludes, saying that the share's current price provides investors with an interesting entry point to play the group's recovery over the medium term.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.