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Carrefour: Oddo remains a buyer ahead of Q2 results

( - Carrefour will publish its Q2 2020 results after trading on Tuesday 28 July.

Oddo expects gross sales of 18.5 billion euros, -7.1%e as reported, including a currency effect of -6.7%e and a petrol impact of -5%e (sharp drop in petrol consumption during the lockdown, particularly in France: impact of -7.5%e, and in Spain: impact of -7.1%e).

On an organic basis, Q2 2020 should see +5.1%e in consolidated terms, compared with +7.8% in Q1 2020, which benefited from consumers' stocking up products. Anaysts expect LFL growth of 4.9%e in Q2, vs. +7.5% in Q1 2020 (and vs. +3.1% in FY 2019), analysts say.

Therefore, ahead of this publication, the broker confirms its buy rating on the share, with a target price of 18 euros (almost 31% upside potential).

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