Carrefour gains on Morgan Stanley coverage, shares trade on CAC 40
23.06.2026 - 07:31:59 | ad-hoc-news.de
By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 07:26.
Carrefour (FR0000120172) is back on analysts' radar after Morgan Stanley initiated coverage of the French retailer with an Overweight rating and a €20.10 price target, as Investing.com reports. The shares are part of the CAC 40 index and trade in Paris on Euronext.
Morgan Stanley’s Overweight call
Morgan Stanley’s initiation frames Carrefour as undervalued versus its long-term earnings potential, with the bank citing a roughly 40 percent discount to projected 2028 earnings compared to sector peers. The analyst team sees the group’s new strategic plan as not yet fully reflected in the current valuation.
According to the note summarized by Investing.com, the bank models around 11 percent compound annual growth in earnings per share through 2028 and estimates a free cash flow yield close to 14 percent. With a target price of €20.10, Morgan Stanley implies about 22 percent upside versus a recent closing level of €16.44.
Recent share performance and index context
Carrefour shares recently increased by about 1.4 to 1.6 percent in trading, reaching around €15.80 to €16.44 according to Investing.com’s market snapshot. The move stands out against a broadly muted CAC 40, which saw only a slight uptick on the same day, pointing to stock-specific drivers rather than a general market rally.
The stock has recovered from a recent low near €15.58 but still trades below a 52-week high around €17.54. Within the European food retail space, peers such as Tesco and Ahold Delhaize offer a reference for valuation and cash generation, but Morgan Stanley argues Carrefour’s discount to competitors has become marked.
All news and analysis on the Carrefour shares
Further updates on analyst views, earnings releases and price data for Carrefour are collected on the dedicated topic page and in the company’s Investor Relations section.
Analyst consensus and valuation picture
Beyond Morgan Stanley’s initiation, Carrefour is covered by a broad analyst community in Europe, with several houses rating the shares in the Buy or Outperform range and others taking more neutral stances, according to consensus aggregators. The new Overweight call adds a fresh voice to that mix and underlines confidence in earnings and cash flow.
MarketScreener and similar platforms show Carrefour trading at single-digit forward earnings multiples, which compares cautiously to some food retail peers trading at low double-digit levels. This gap is the basis for Morgan Stanley’s view that the discount to 2028 earnings of nearly 40 percent is marked. For investors following the CAC 40, the stock thus offers a combination of dividend yield, buyback support and potential re-rating.
The business behind the stock
Carrefour generates its revenue primarily through a multi-format retail network spanning hypermarkets, supermarkets, convenience stores and cash-and-carry outlets, with a strong presence in France, Spain, Italy and several emerging markets. Food, fresh produce and household goods are central categories, supplemented by private-label lines.
One representative product area for Carrefour is its own-brand groceries under the "Carrefour" and "Carrefour Bio" labels, which aim to combine competitive pricing with margin support for the group. These private labels are a key lever in the company’s strategic plan to improve profitability and customer loyalty, alongside digital services and e-commerce.
Where the stock trades today
The Carrefour shares (FR0000120172) trade on Euronext Paris, with recent prices around the mid-teens in euros and a market capitalization in the billions of euros based on the latest trading session.
Key data on the Carrefour shares
- Company: Carrefour S.A.
- ISIN: FR0000120172
- WKN: 852362
- Ticker: CA
- Trading venue: Euronext Paris
- Price (as of 2026-06-23, 07:20): 15.80 EUR
- Market cap: approximately 11.0 billion EUR (as of 2026-06-23)
- Sector / industry: Food & Staples Retailing
- Index membership: CAC 40
- Next earnings date: not officially scheduled
Disclaimer: This article is for informational purposes only and does not constitute investment advice, a buy or sell recommendation, or a solicitation to transact in any financial instrument. All data are based on sources believed to be reliable at the time of publication, but accuracy and completeness cannot be guaranteed. Investors should conduct their own research or consult a licensed advisor before making investment decisions.
