(News Bulletin 247) – Oddo maintained its ‘outperformance’ opinion on Accor shares on Friday, while raising its target price from 33 to 36 euros.
‘Accor should reassure on operations in future publications, thanks to the continued hotel rebound and its RESET cost savings plan’, notes the analyst in a research note.
And even if the visibility is still limited in 2023, “the recovery of the hotel industry, the strong domestic exposure, the acceleration of the conversions of independent hoteliers towards the chain hotel industry and the solid financial situation of Accor”, reassures Oddo.
The intermediary says he particularly appreciates ‘Accor’s significant exposure to management contracts (56% of the portfolio vs. 41% in franchises) which offer additional operating leverage’.
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