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Carrefour: Oddo BHF lowers target price

(CercleFinance.com) - While maintaining its 'neutral' rating on Carrefour shares, Oddo BHF has lowered its target price for them from E16 to E15, ahead of its Q3 trading update, believing that while exceptional items of Q2 will disappear, the environment remains difficult.


The broker has revised its ROI estimate for 2024 to E2,378m, from E2,480m previously, factoring in a lower margin in France, but also in Brazil (currency effect) and Europe (price investment and competition effect)'.480 million previously, factoring in a lower margin in France, but also in Brazil (currency effect) and Europe (price investment and competition effect).

While inflation is slowing in Europe and volumes are trending slightly upwards, the fear for the coming year will be the (fiscal) pressure put by governments on households (and companies), which could weigh on consumption..., it also warns.


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