Carrefour: Stifel reduces target price
(CercleFinance.com) - While maintaining its "buy" rating on Carrefour shares, Stifel has reduced its target price for them from E23 to E20, after reducing its EPS estimates for the food retailer by around 5%.
The broker considers the slowdown in inflation in Europe to be "manageable", although believes that Brazil - the group's second-largest market, which is deteriorating more than previously estimated - is making it difficult to meet targets for 2023.
As a result, Stifel now expects EBITDA, adjusted EBIT and net FCF to stagnate in 2023 (while expecting growth in these indicators previously). However, it points to management's commitment to high returns to shareholders.
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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.
The broker considers the slowdown in inflation in Europe to be "manageable", although believes that Brazil - the group's second-largest market, which is deteriorating more than previously estimated - is making it difficult to meet targets for 2023.
As a result, Stifel now expects EBITDA, adjusted EBIT and net FCF to stagnate in 2023 (while expecting growth in these indicators previously). However, it points to management's commitment to high returns to shareholders.
Copyright (c) 2023 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.