Carrefour boosted by Morgan Stanley upgrade, shares react on CAC 40

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-22, 15:18.

Carrefour (FR0000120172) draws fresh attention on Euronext Paris after Morgan Stanley resumed coverage of the French retailer with an Overweight rating and a €20.10 price target, as reported by Investing.com and MarketScreener. Investing.com analysis of the upgrade

What Morgan Stanley is arguing

Morgan Stanley sees Carrefour shares trading at roughly a 40% discount to its 2028 earnings estimates, according to commentary cited by Investing.com. UK Investing.com report on Carrefour The bank expects compound annual EPS growth of around 11% through 2028 and a free cash flow yield of about 14%, positioning the valuation as attractive versus European food retail peers such as Tesco and Ahold Delhaize. MarketScreener summary of the Morgan Stanley view

In the latest session covered by these reports, Carrefour shares rose around 1.6% to €15.80, placing the stock among the stronger names in the CAC 40 retail segment. Investing.com session snapshot MarketScreener data show the previous close around €15.55, with the average analyst target price near €15.70 before Morgan Stanley’s more bullish €20.10 level was highlighted. MarketScreener price and target overview

Consensus and upcoming earnings

The Morgan Stanley call lands into an already constructive sell-side backdrop. MarketScreener’s consensus compilation shows a majority of analysts with positive or neutral views on Carrefour, and an average target in the mid-teens euros, even before the new €20.10 target from Morgan Stanley was reflected in the aggregate. MarketScreener Carrefour consensus page

According to MarketBeat’s company calendar, Carrefour is expected to publish its first-half 2026 results on July 23, 2026, an event that will test the optimistic EPS and free cash flow assumptions embedded in the Morgan Stanley model. MarketBeat calendar and overview for Carrefour The group’s fiscal year-end is December 31, and the July print typically updates investors on performance across key markets including France, Spain, Brazil and other Latin American operations.

How Carrefour earns its money

Carrefour generates most of its revenue from grocery and general merchandise retailing through hypermarkets, supermarkets and convenience stores under the Carrefour banner in France and internationally. The group also operates e-commerce platforms, cash-and-carry outlets and private-label ranges that support margins and customer loyalty. Carrefour overview of formats and brands

Where the shares trade today

The Carrefour shares (FR0000120172) most actively trade on Euronext Paris under the ticker CA, with the latest referenced price indication around €15.80 during the session discussed in recent analyst and market reports.

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