Carrefour upgraded to "outperform"

Financial services group Credit Suisse has upgraded French retailer Carrefour to 'outperform' from 'underperform', according to various reports.

The company revealed that the catalyst was the arrival of new CEO Georges Plassat.

“We don’t yet know the precise detail of any plans, but we hope and expect him to push through and, importantly, sustain long-overdue radical change,” said Credit Suisse.

It added that a focus on core operations could mean a €5bn divestment opportunity for Carrefour’s bottom 10 countries.

Although the rating does not assume that the execution will be successful, Credit Suisse stated, the shares are now at a low enough level for a recovery to be possible.