Carrefour gets fresh Goldman backing, shares in CAC 40 focus

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 20:51.

Carrefour (FR0000120172) draws renewed analyst attention this week as Goldman Sachs turns more positive on the French food retailer. The stock is part of the CAC 40 and trades on Euronext Paris, a key reference point in European equities.

What Goldman Sachs highlights

Goldman Sachs has upgraded Carrefour from Neutral to Buy and lifted its price target from €15.90 to €20.00, according to a German-language analyst summary that cites the US investment bank’s note. The bank points to a marked improvement in operating margin in the French home market, reportedly the first meaningful increase since 2014.

In the note, Goldman Sachs frames Carrefour as offering a favorable entry point relative to its earnings potential, with the higher target implying double-digit percentage upside from recent trading levels. The assessment places Carrefour alongside peers such as Tesco and Ahold Delhaize in the broader European food & staples retailing sector, where cost control and digitalization remain central themes.

Consensus picture on the shares

Morgan Stanley recently initiated coverage of Carrefour with an Overweight rating and a €20.10 price target, as reported in a prior analyst round-up. The US bank argues that the shares trade at a roughly 40 percent discount to projected 2028 earnings compared with sector peers, underpinning a constructive multi-year view on the French retailer.

According to that analysis, the implied upside versus a recent closing level around €16.44 is about 22 percent, underscoring how the new Goldman Sachs €20.00 target sits broadly in line with Morgan Stanley’s valuation framework. Together, the two US houses give Carrefour a clearer support from international research, which can be relevant for global investors looking at CAC 40 consumer staples exposure.

The business behind the stock

Carrefour generates its revenue primarily through a broad network of hypermarkets, supermarkets and convenience stores, focused on food and everyday consumer goods in France and other European markets. The company complements its physical retail formats with growing e-commerce and digital services, seeking to improve customer loyalty and basket size.

Where the shares trade today

Carrefour shares (FR0000120172) trade on Euronext Paris under the ticker CA, with recent prices in the mid-teens in euros and a market capitalization in the low double-digit billions of euros based on the latest available trading snapshot.

This text is for informational purposes only and does not constitute investment advice, an offer or a solicitation to buy or sell securities. All data and assessments are based on sources considered reliable but cannot be guaranteed. Investors should conduct their own research and, if necessary, consult a qualified advisor before making investment decisions.