Carrefour: Stiffel cuts target price
(CercleFinance.com) - Stifel now expects EBITDA, adjusted EBIT and net FCF to stagnate in 2023 (vs.
growth previously).
However, it points to management's commitment to strong returns to shareholders.
The broker considers the slowdown in inflation in Europe to be "manageable", although believes that Brazil - the Group's second biggest market, which is deteriorating more than previously estimated - makes targets for 2023 difficult.
While maintaining its "buy" recommendation on Carrefour shares, Stifel has lowered its target price for them from E23 to E20, following a reduction of around 5% in its EPS estimates for the food retailer.
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.
growth previously).
However, it points to management's commitment to strong returns to shareholders.
The broker considers the slowdown in inflation in Europe to be "manageable", although believes that Brazil - the Group's second biggest market, which is deteriorating more than previously estimated - makes targets for 2023 difficult.
While maintaining its "buy" recommendation on Carrefour shares, Stifel has lowered its target price for them from E23 to E20, following a reduction of around 5% in its EPS estimates for the food retailer.
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.