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BEST OF THE BROKERS
CARREFOUR
Nomura sees the supermarket’s full-year growth target as overly ambitious, and initiates coverage with a neutral rating and a target price of €29 including its Dia arm. Though the broker believes Carrefour will miss its targets, the prospect of potential asset disposals and M&A are limiting the stock’s downside.
MAIL.RU
Morgan Stanley sees the Russian search engine as well placed within a booming Russian internet market, with usage and revenues in the sector expected to double by 2013. The broker sees the 11.3x earnings valuation as failing to capture its forecasts of 32 per cent revenue growth in 2012, and 48 per cent total between 2010 and 2013.