Invest Securities maintains its 'neutral' rating on Carrefour shares, with a price target raised from 17.7 to 18 euros.

According to the research firm, the return to the forefront of food inflation in Europe has not created the positive context in the retail sector that was anticipated at the beginning of 2022, and the movement is too strong and too rapid not to destroy value.

In this context, "the Group's strategy is not in question", according to Invest, which points out that "the real problem for 2023 is that CARREFOUR remains, in our opinion, too dependent on multiple exogenous conditions that are beyond its control".

For the broker, 'in a context of increasing OPEX drift, the main hazard would undoubtedly be to see food inflation ease rapidly'.

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