Carrefour shares dropped as much as 6.5% after a JPMorgan update. The bank placed the French retailer on a Negative Catalyst Watch. Analysts maintained an Underweight rating and lowered the price target from €10 to €9.
The revision precedes first-half results scheduled for July 23. JPMorgan warned the first half of 2026 could represent a downgrade event. The bank noted a historical tendency for the company to miss market expectations.
JPMorgan’s performance estimates remain significantly below the market consensus. Stiff domestic competition and broader risk-off market sentiment also contributed to the slump.