Carrefour: Bryan Garnier still a buyer; trims target price
(CercleFinance.com) - Bryan Garnier maintains his "buy" rating on Carrefour, having trimmed its fair value for the share from 23 euros to 22 euros, after the group unveiled an assumption for FY operating profit that it cut from 1952 million euros to 1922 million euros.
The broker believes that "Carrefour unveiled poor Q1 LFL figures, while in a context of strong forex headwinds, the outlook provided by management was clearly not engaging."
While it recognises that it will be "very easy in the coming hours to put pressure on the share price," Bryan Garnier considers that this does not necessarily mean that the group's transformation plan - launched just three months ago - is derailing.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker believes that "Carrefour unveiled poor Q1 LFL figures, while in a context of strong forex headwinds, the outlook provided by management was clearly not engaging."
While it recognises that it will be "very easy in the coming hours to put pressure on the share price," Bryan Garnier considers that this does not necessarily mean that the group's transformation plan - launched just three months ago - is derailing.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.