(CercleFinance.com) – Accor gains more than 1% in Paris while Jefferies reaffirmed its ‘buy’ recommendation and its price target of 47 euros on the stock, after a first quarter deemed ‘solid’ for the French hotel chain and suggesting there is no crack in travel demand.
In the summary of its note, the broker continues to see favorable dynamics for Accor, ‘given the clear trajectory of growth and profitability, and the clarity regarding returns to shareholders’.
Jefferies also expects the valuation gap compared to Intercontinental Hotels to narrow, noting that Accor shares trade at a 15% discount to its British peer on P/E 2025, compared to a historical premium of 14%.
Copyright © 2024 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends using the buttons below.
