(News Bulletin 247) – Stifel maintains its ‘buy’ recommendation on Accor and raises its price target from 39 to 41 euros in the wake of higher estimates for the hotel group, judging that the investor day ‘confirmed its positive expectations and the attractiveness’ of the dossier.
‘The medium-term roadmap includes a solid growth outlook, supported by the expansion of the luxury and lifestyle platform, as well as improving operating leverage’, highlights the broker.
‘Importantly, the capital allocation framework set by the group has been reassuring, with an emphasis on the redistribution of cash to shareholders,’ adds Stifel, who also judges that the valuation remains convincing.
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