Carrefour climbs nearly 5% to become the biggest gainer on the CAC40, buoyed by the rather favorable comments of brokers such as UBS, for whom 'sales performance for fiscal 2022 should be solid and in line with expectations'.

'While margins in France should prove stable, those at European level will probably be the focus of concern', warns UBS, confirming its 'neutral' recommendation and its target price of 17.5 euros for the stock.

Invest Securities, which also has a "neutral" stance on Carrefour, is raising its target price from 17.7 to 18 euros, while acknowledging that the return to the forefront of food inflation in Europe has not created the positive context anticipated at the beginning of 2022.

In this context, 'the Group's strategy is not in question', believes the research department, which stresses that 'the real problem for 2023 is that Carrefour remains too dependent on multiple exogenous conditions that are beyond its control'.

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