AlphaValue maintains its "buy" rating on Carrefour shares but announced that it is adopting a more cautious approach to the stock, lowering its target price from €19.9 to €16.7 (cp: €11.9, -6.7%).

The analyst believes that the retailer's short-term performance is exposed to increased risks, particularly in Europe.

In France, hypermarkets are facing increased competitive pressure from Leclerc, while a court ruling is expected in the dispute between Carrefour and the association of local franchisees (AFC).

The broker also highlights the continuing weakness of business in Europe outside France, particularly in Poland and Italy.

In addition, investors are still awaiting the conclusions of the ongoing strategic review, which could lead to a withdrawal from certain European markets and a refocusing on Latin America.


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