Mid-session Paris: Carrefour is coveted!

    Mid-session Paris: Carrefour is coveted!

    THE TREND

    The CAC40 recovered 0.15% on Wednesday around midday around 5,660 points. The session was animated by the sharp increase in Carrefour, which was approached, in a friendly manner, by the Canadian group Alimentation Couche-Tard. Without this news, the trend would undoubtedly have been calm while waiting for the annual publication season.

    The US quotation is relatively stable for the time being, before market on Wednesday, on the eve of the presentation of the ‘Biden plan’ and the approach of quarterly financial publications of listed companies. US banks JP Morgan, Citigroup and Wells Fargo will launch first this Friday.

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    RISING VALUES

    * Largest rise in the CAC40, Carrefour jumped 13% to 17.5 euros. The distributor said “he had been approached, in a friendly manner, by the Alimentation CoucheTard group for a merger project. Discussions are very preliminary”. The Quebec firm weighs nearly 36 billion dollars on the stock market against about 12.5 billion euros for Carrefour last night. It has a network of over 9,000 stores in North America, most of which also sell fuel. It also has some 2,700 points of sale in Europe after several acquisitions in recent years, including that of Statoil Fuel & Retail ASA in 2012. Alimentation CoucheTard is focused on convenience stores and gas stations, and not on supermarkets. . An agreement with Carrefour would allow it to expand its presence in Europe, where its potential target operates more than 2,800 supermarkets and 703 large-format hypermarkets, and in Latin America, where it has stores in Argentina and Brazil.

    * In the wake of Carrefour (+ 9%), Casino gained 4% to 28.6 euros, driven by renewed interest in possible consolidation in the sector.

    * Valneva continues to increase by 13% to 10.5 euros. The group confirmed yesterday that it was in advanced discussions with the European Commission for the supply of a maximum of 60 million doses of its candidate vaccine against Covid-19, VLA2001. VLA2001 is currently “the only candidate vaccine for inactivated virus against Covid-19 in clinical development in Europe”, underlined the group.

    * Saint-Gobain won 0.7% to 43.3 euros, well helped by a note from Citigroup which raised its opinion on value to ‘buy’ by raising its target from 43 to 50 euros. The building materials specialist is expected to experience stronger growth with better margins in the future, says the US broker, who points out that the 2020 performance has been solid, above expectations, and showed that the focus remains on improving profitability and cash flow. Citi is encouraged by the changes brought by the new strategic program and hopes that this will have a “lasting” impact on growth and margins.

    * Total gained 0.6% to 37.3 euros. Credit Suisse raised its target from 39 to 41.5 euros (‘neutral’).

    FALLING VALUES

    * Valeo loses 3% to 30.3 euros. Exane BNP Paribas has downgraded the automotive supplier to ‘neutral’ with a target reduced from 36 to 32 euros.

    * Renault and Michelin are the biggest drops in the CAC40 at midday, with drops of 1.5%.

    * L’Oréal is back below 300 euros, down slightly by 0.5%. The news around the world number one in cosmetics is marked by a note from Bryan Garnier who revalued the file from 313 to 335 euros with a conviction to purchase. Deutsche Bank had already raised its recommendation on the ‘buy’ value with a price target raised to 340 euros. The broker explains that the company is “well balanced” in terms of both geography and product, but its growth is increasingly oriented towards China, e-commerce and skin care. He believes the positive drivers of these activities will continue to fuel long-term growth …

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