Casino: penalised by a broker downgrade
(CercleFinance.com) - The share of French food retailer Casino is down 2.
4% in early afternonn trading, after Jefferies downgraded the share from "hold" to "underperform", having cut its corresponding target price from 34 euros to 28 euros, on the title of the group of food distribution.
The broker explains that the completion of Casino's refinancing will enable the group to refocus on the fundamental profile of the now slimmed-down group. "We struggle to see the French business sustainably deliver an FC in excess of E240m pa," it said.
Copyright (c) 2019 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.
4% in early afternonn trading, after Jefferies downgraded the share from "hold" to "underperform", having cut its corresponding target price from 34 euros to 28 euros, on the title of the group of food distribution.
The broker explains that the completion of Casino's refinancing will enable the group to refocus on the fundamental profile of the now slimmed-down group. "We struggle to see the French business sustainably deliver an FC in excess of E240m pa," it said.
Copyright (c) 2019 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.