Carrefour: Oddo remains confident - still a buyer
(CercleFinance.com) - On Wednesday morning an analyst at Oddo BHF confirmed his "buy" rating on the Carrefour share, remaining confident about 2019 results, despite an unfavourable year-end for consumption in France.
Commercial progress in Q4, despite a difficult year-end, which once again was spoiled in France by strikes and social unrest, should not put expectations at risk. The group is also performing well in terms of cost reductions, while Brazil, the largest contributor to EBIT (44.7% expected in 2019) ended the year well, as did Spain (an expected 18.4% of consolidated EBIT). The broker estimates that the Yellow Vests protests in Q4 2018 sliced 50 million euros off the group's FY 2018 results. Oddo BHF is therefore confident about 2019e results.
The broker confirms its target price of 20 euros, representing upside potential of 32%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Commercial progress in Q4, despite a difficult year-end, which once again was spoiled in France by strikes and social unrest, should not put expectations at risk. The group is also performing well in terms of cost reductions, while Brazil, the largest contributor to EBIT (44.7% expected in 2019) ended the year well, as did Spain (an expected 18.4% of consolidated EBIT). The broker estimates that the Yellow Vests protests in Q4 2018 sliced 50 million euros off the group's FY 2018 results. Oddo BHF is therefore confident about 2019e results.
The broker confirms its target price of 20 euros, representing upside potential of 32%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.