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

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 targets for 2023 difficult to achieve.

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

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