PARIS (Reuters) – Shares in French supermarket retailer Casino fell sharply for the second day in a row on Thursday, after suffering another downgrade from analysts over concerns about its cash flow.
Casino’s shares were down by 5 percent by 0710 GMT, after Morgan Stanley cut its rating on the stock to “underweight” from “equal weight”, citing potential hits to its cash flow from a tough business environment.
Morgan Stanley’s cut followed a downgrade earlier this week to Casino from credit rating agency Moody’s, which had knocked down Casino’s shares by 3 percent on Wednesday.
Casino is in the process of selling assets in order to help cut its debts.
(Reporting by Sudip Kar-Gupta; Editing by Inti Landauro)