Carrefour gains over 2% in Paris as Jefferies this morning reaffirms its 'buy' recommendation on the stock, with a price target of 21 euros, despite concerns over the last few days about the impact of the Argentine devaluation on the French food retailer.

In this respect, the broker prefers to look at the impact in terms of free cash flow (FCF), an impact which it believes, due to currency hedges, is likely to be a net positive.

'We believe Carrefour has weathered significant headwinds in 2023 with some grace, and remains on track to generate continued FCF growth', Jefferies continues.


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