Retailer Casino's Shares Hit New Lows On Broker Downgrade
Shares in France's Casino sunk to new lows on Wednesday, after brokerage Bernstein cut its rating on the stock and reignited lingering concerns over the supermarket retailer's cash flow and high debt levels.
Casino shares were down around 10% in mid-session trading, hovering at their lowest levels since late 1996.
Bernstein cut its rating on Casino to ‘underperform’ from ‘market perform’, citing concerns over how the company's franchise model might impact its profits and cash flow.
Try European Supermarket Magazine PREMIUM – 30 Day FREE Trial.
A trial subscription gives unrestricted access to all premium site content, app content, weekly email content and European Supermarket Magazine digital edition for a full 30 days. Try it now!