Carrefour initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Izabel Dobreva initiated coverage of Carrefour with an Overweight rating and EUR 21 price target. The analyst says the company’s strategic changes are “providing a window of opportunity.” The stock’s current valuation does not capture the “self-help potential or the uplift in buybacks we expect,” the analyst tells investors in a research note. The firm thinks Carrefour will return cash equivalent to more than 35% of its market cap in the next three years.