While maintaining its 'neutral' recommendation on Carrefour, UBS has lowered its price target from 17 to 15.3 euros - leaving 7% upside potential for the stock - as the broker sees first-half results as unlikely to be a turning point.

"Carrefour is cheap at a P/E of eight times, with much of the French negativity probably priced in, but Europe remains a risk. Improvement in France and better visibility in Europe are needed for an inflexion', he believes.

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