Carrefour: Bryan Garnier still a buyer; changes target.

(CercleFinance.com) - Bryan Garnier is maintaining its “buy” rating on the Carrefour stock, although has cut its fair value from 22 euros to 20 euros, highlighting France as the retail giant's "Achilles heel.
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"Alexandre Bompard's task is focused on the price positioning/future of the hypermarkets in France (embroiled in the Leclerc trap), the re-definition of the offer (too premium currently?) and the digitalisation of the group," the broker judges, with Mr. Bompard, due to explain his solutions on 23 January.

In the immediate future, Bryan Garnier remains a buyer of the stock, in view of " the combination of a positive timing (a return to inflation?), a depressed valuation (the market is valuing the French hypermarkets at a negative E3.4bn) and an event-driven momentum.”



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