Carrefour: Barclays confirms its rating.
(CercleFinance.com) - Barclays has confirmed its "neutral" rating on the Carrefour stock, along with its target price of 23.
50 euros, explaining that it is maintaining its forecasts.
The French retail giant's 15% discount relative to the European retail sector (forecast 2017 P/E at 13.8x, versus a sector average of 15.9x), shows that investors are more focusing on the stock's momentum and/or the generation of free cash than on its multiples, Barclays explains.
Yet, there is nothing to indicate that there will be any improvement in the momentum or free cash flow generation from Carrefour, the broker continues, which justifies it maintaining its neutral rating on the stock.
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