'Credit where credit is due': Morgan Stanley restarts Carrefour at 'overweight'
BUZZ-'Credit where credit is due': Morgan Stanley restarts Carrefour at 'overweight' ** Morgan Stanley resumes coverage of Carrefour CARR.PA with an "overweight" rating, saying the market is undervaluing the French retailer's new strategic plan
** "Credit where credit is due... The decisiveness of management's hand and the speed of execution have been impressive," Morgan Stanley says
** It highlights a fresh commercial offensive in France with improving market shares, alongside a refocus on Spain and exits from challenged markets
** "We think further re-rating in the stock could be unlocked if Carrefour were to enhance the scope of its existing joint ventures in banking," the brokerage adds
** Out of 15 analysts that cover Carrefour, five rate the stock "strong buy" or "buy, "eight rate "hold" and two rate the stock "strong sell" or "sell" - LSEG data
(Reporting by Gianluca Lo Nostro)
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