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Shares in French retail giant Carrefour have a very low valuation and represent a good long-term investment opportunity thanks to recent management changes and growth in markets outside France, Scott Evans, co-head of equity research at Espirito Santo Investment Bank, told CNBC.
Evans has recently changed his recommendation on Carrefour — the world's second-largest retailer after Wal-Mart Stores — to “buy.” He had kept a “sell” recommendation on the retail giant for three years prior to that change. Speaking on CNBC’s “Worldwide Exchange,” Evans said that Carrefour could be an ideal stock to hold amid rising market volatility.
“Picking stocks in this environment is pretty tough. So, if I’m looking for anything, especially on the buy side, it’s taking a more long-term view, so the stock has to have deep value or defensive qualities,” Evans said. “Carrefour doesn’t have defensive qualities, but it is rapidly becoming a deep value stock.”
Carrefour shares have lost around 50 percent of their value over the past 12 months.
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