Carrefour Shares Plunge 5.5% After JP Morgan's Doubts

JP Morgan rates 'underweight' with a target price of €10

JP Morgan rates 'underweight' and sets a target price of €10. The bank believes that the semi-annual report expected on July 23, 2026, might disappoint, following a recovery in the stock which, according to them, has already incorporated a more favorable reading. Estimates for the current half-year's operating profit vary among analysts. For the full year, JP Morgan targets €2.21 billion, versus €2.37 billion for the consensus, and justifies its caution by a recent trend of the group to miss expectations.

At the current price, the €10 target implies a potential downside of about 36%. For reference, according to the consensus of surveyed analysts, the stock is trading at approximately 8.8 times the earnings of the current fiscal year. This warning comes after a session already weighed down, with the stock having lost 2.5% the previous day and fallen below its short-term moving averages, as shown in Wednesday's session.

The €15.71 support broken during the session, the stock joins the CAC 40's laggards

On the stock market, Carrefour loses 5.35% to €15.56, becoming the CAC 40's worst performer while the index advances 0.4% at the start of the session. Today's drop is accompanied by an unfavorable technical breach: the support identified at €15.71 was broken downwards in the morning, and the stock remains below it. The medium-term configuration also worsens, with the price now nearly 5% below the MM20 (€16.37) and 6.5% under the MM50 (€16.64), while the MM200 (€14.60) still offers a cushion of about 6.6%.

The RSI at 49 remains neutral, indicating that today's penalty is more of a sudden shock rather than a sign of an exhausted downward trend. Over a year, the stock still holds a gain of more than 21%, but it has now lost nearly 9% over a month. The next significant event remains the semi-annual publication on July 23, 2026, explicitly targeted by JP Morgan's 'catalyst watch'.