Barclays reaffirms its 'overweight' recommendation on Carrefour, expecting the retail group to remain focused on free cash flow (FCF) generation and cash yield, but lowers its price target from 22 to 20 euros.

Although we expect profitability to continue to improve, we are lowering our estimates due to the 50% devaluation of the Argentine peso and our more cautious outlook on the Brazilian environment", explains the broker in the summary of its note.

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