UBS remains neutral on the stock, lowering its target price to E14.8 (from E15.3) following the announcement of its results. The analyst believes that 'better visibility in Europe is needed'.

'Stabilization in Brazil and improvement in France were more than offset by a significant setback in Europe. A better performance is needed for a future revaluation' says UBS.

The group announced adjusted net income, group share, of €313m, up 2.2%, giving adjusted net EPS of €0.46 (+8%).

On the strength of these results, Carrefour is approaching the second half of the year 'with confidence', and 'confirms its financial targets for 2024. '

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