(News Bulletin 247) – Barclays on Monday raised its recommendation on Accor shares from ‘weight online’ to ‘overweight’, with a price target raised from 29 to 36 euros, explaining that it envisages good surprises in terms of the group’s performance hotelier.
The analyst points out that Accor benefited from a favorable evolution of its pricing in the fourth quarter, with an increase in prices of 8% in real terms, where InterContinental Hotels Group (IHG) saw its prices fall by approximately 1%.
After ten years of sharp underperformance, due in particular to questions surrounding the use of its cash and redistributions to shareholders lower than those of its American counterparts, Accor could now be at an inflection point, believes Barclays.
While the group has set itself a growth target for its revenue per available room (RevPAR) of 5% to 9%, it could well post 20% growth this year if it manages to properly pass on the increase in inflation, he continues.
In this configuration, the intermediary specifies that it has downgraded its recommendation on the InterContinental stock, reduced to ‘weight online’.
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