Jefferies has reaffirmed its 'buy' recommendation and 21 euro price target on Carrefour, following concerns over the past few days about the impact of the Argentine devaluation on the French food retailer.

In this respect, the broker prefers to look at the impact in terms of free cash flow (FCF), an impact which it believes, due to currency hedges, is likely to be a net positive.

'We believe Carrefour has weathered significant headwinds in 2023 with some grace, and remains on track to generate continued FCF growth', Jefferies continues.

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