Carrefour is stagnating at its breakeven point and underperforming the trend in Paris on the back of comments from UBS, which, while maintaining its 'neutral' recommendation on the supermarket giant's stock, has lowered its target price from 17 to 15.3 euros.

Carrefour is cheap at a P/E of eight times, with much of the French negativity probably priced in, but Europe remains a risk", says the broker, seeing the half-year results as "unlikely to be a turning point".

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