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Carrefour: reputation tarnished in Brazil, but Stifel says b

( - Stifel maintains its buy rating on the Carrefour share, although points out the high risk to the Group's reputation in Brazil.

Indeed, the actions of a Carrefour employee in a shop in Porto Alegre led to the death of one of its customers. Reported in the media and on social networks, this shocking death was immediately reminiscent of the death of Georges Floyd in the US and triggered protests against Carrefour across Brazil.

Stifel also underlines that Brazil is Carrefour's main growth driver, representing 16% of 2020 sales and 25% of EBIT.

Stiffel says that it is difficult to accurately assess the potential risk at this stage and the analyst monitoring the share maintains a target price of 20 euros and says that even if Carrefour's value in Brazil falls, the stock will still have upside potential.

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