Stifel now expects EBITDA, adjusted EBIT and net FCF to stagnate in 2023 (compared with an increase target for these indicators). However, it points to management's commitment to strong returns to shareholders.

The broker considers the slowdown in inflation in Europe to be "manageable", but believes that Brazil - the Group's second biggest market, which is deteriorating more than previously estimated - makes it difficult to meet targets for 2023.

While maintaining its 'buy' recommendation on Carrefour, Stifel has lowered its price target from 23 to 20 euros, following a reduction of around 5% in its EPS estimates for the food retail group.

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