Carrefour Price Target Maintained as RBC Notes H1 Results

08:56 AM EDT, 07/27/2026 (MT Newswires) -- RBC Capital Markets maintained its 22 euro price target for Carrefour's (CA.PA) outperform-rated stock as part of its European Retailing report published Monday, following the company's first-half results. "We note CA's topline performance last week came in largely in line with company compiled consensus expectations, with ROI a little below, due to accelerated cost investment at Cora & Match in France and a one-off in the base for Global Functions," analysts said. "In our view, Carrefour is taking the right approach by strengthening its positioning in its three core markets of France, Spain and Brazil, where it already has profitable and scalable operations. We are encouraged by an improved focus on price-value in its home market, France, which we expect to anchor further market share gains, helped by the reinvestment of buying gains and improvements at Cora & Match." Taking the latest results into account, the research firm "broadly maintained" its forecasts for the French retailer's recurring profit before tax for full-year 2026 and 2027. The group's projected recurring operating income, meanwhile, were reduced by 1% for both years. "We acknowledge that Brazil has been a tougher market recently, but we view it as a healthy longer-term market where Atacadão should be able to profit from CA's experiences in Europe, particularly on loyalty and private label. We note digital improvements, an ongoing focus on loyalty and improvements to the store estate, which should drive margin accretion from here. This should support a low double-digit earnings CAGR over the next 3 years," RBC added.