Improving Hypermarket traffic Trends to Boost Carrefour’s 2010 EBIT
Symbols: CA
Alastair Johnston of Citigroup Global Markets initiated coverage of Carrefour (EPA: CA) with a “buy” rating. The target price is set to €38.
According to Citigroup Global Markets, CA is likely to post robust earnings recovery in 2010 and may overshoot consensus expectations for EBIT and EPS. CA’s EBIT in France is likely to be driven in 2010 by economic recovery.
Citigroup Global Markets believes that an improvement in hypermarket traffic by 2% would boost Carrefour’s EBIT by €60 million in 2010. The analyst expects competitive environment to become benign for CA in 2010.
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