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Carrefour: Jefferies still cautious after Bompard plan

( - In a research report entitled "ambition and imagination," Jefferies analysts welcome the strategic announcements made by Carrefour the day before.

However, until anything tangible is obtained, the broker maintains its hold rating on the stock, in addition to its target price - which is below the share's current price - of 18 euros.

Analysts say: "Bompard's recovery plan focuses on reinventing Carrefour as a digital and fresh food leader." This is accompanied by two billion euros in savings, that are "greater than hoped for", Jefferies states. Analysts highlight the streamlining efforts that the Bompard team intends to make, both in terms of costs and investments, while taking advantage of this to focus on digital and convenience stores.

Jefferies also notes the startling lack of clarity in the group's targets for cash flow and margins once the plan fully produces its effects.

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