Oddo BHF maintains its 'outperform' rating on Carrefour shares, with a target price of 20 euros.

However, the analyst points to three themes that have fuelled the debate in an 'unfavourable' way, notably the dynamics in August (Carrefour lost 0.3% of market share, ), the publication of a charged book by a former employee ('Carrefour, la grande arnaque', to be published on September 13), and the departure of CEO France, Rami Baitieh.

Despite this less favorable newsflow, and Bompard's reference to a 'tsunami of de-consumption', Oddo BHF believes that none of these factors is likely to disrupt the Group's good operating momentum in the short term, and 'does not call into question Carrefour's solid fundamentals'.

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