(News Bulletin 247) – Morgan Stanley raised its opinion on Accor shares on Tuesday, going from ‘online weighting’ to ‘overweight’ with a price target raised from 35 to 37 euros.
In a sector note, the American bank says it considers the French group to be a major potential beneficiary of the trend towards the rise of the luxury hotel industry.
The New York firm believes that Accor should be a ‘key’ winner in the development of the so-called ‘Luxury & Lifestyle’ market, a segment that it considers for the moment misunderstood and underestimated by investors.
But Morgan Stanley points out that this market – which represents only 4% of rooms today – should eventually generate almost 20% of the market thanks to the strength of its average revenue per available room (RevPAR).
From this point of view, the Wall Street firm considers that Accor is particularly well placed to take advantage of this transformation, since its luxury and lifestyle activities are expected to represent, in the long term, more than 30% of its turnover
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