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Carrefour: Bryan Garnier raises target price

( - Bryan Garnier confirms its "buy" rating on Carrefour and has raised its fair value from 20 euros to 24 euros, the day after the French retail giant presented its transformation plan.

"Apart from the ambitious EUR2bn cost-saving plan, around EUR1bn of which concerns France (compared with a figure nearer to EUR500m expected by the consensus), quantifying the other measures is a difficult task, even though we welcome their relevance," the broker says.

"These concern the near EUR2.8bn in digital offer, as well as Carrefour's stated aim to become the leader in the "food transition for all" favouring better quality products,” it continues.

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