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Carrefour: Oddo BHF cuts target price

( - Oddo BHF maintains its "neutral" rating on Carrefour shares, reducing its target price for them from E17.
5 to E16 to factor in a slightly more cautious perception of the stock - both operationally and reputationally, pointing to the controversies surrounding franchisees in France.

With Bercy demanding a E200m fine in this case, the analyst sees three main risks: attractiveness to prospective franchisees, questioning of the business model, and reputational/CSR risk for investors.

The group is struggling to significantly reverse the negative trend in market share in value terms, in a competitive context that is still exacerbated in France, he adds, deeming the EBIT growth guidance for France as very challenging.

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