Carrefour: Stifel maintains buy rating
(CercleFinance.com) - Stifel reinstates its "buy" rating on Carrefour shares, along with its target price of 23 euros, in its comments on the French food retailer, its Belgo-Dutch peer Ahold Delhaize and the Portuguese group Jeronimo Martins.
"All three food retailers and particularly Jeronimo Martins have convincingly navigated through troubled waters characterized by strong food inflation and fast building cost inflation," the broker acknowledged.
However, noting the uncertainties associated with the effects of the energy crisis on household disposable income, Stifel warns that "FY23 could prove trickier, with still elevated costs and top line falling off a cliff along with CPIs".
This afternoon Carrefour shares are up a fraction (+0.25%), pretty much in line with Ahold Delhaize, while Jeronimo Martins shares are down just over 1%.
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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.
"All three food retailers and particularly Jeronimo Martins have convincingly navigated through troubled waters characterized by strong food inflation and fast building cost inflation," the broker acknowledged.
However, noting the uncertainties associated with the effects of the energy crisis on household disposable income, Stifel warns that "FY23 could prove trickier, with still elevated costs and top line falling off a cliff along with CPIs".
This afternoon Carrefour shares are up a fraction (+0.25%), pretty much in line with Ahold Delhaize, while Jeronimo Martins shares are down just over 1%.
Copyright (c) 2022 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.