Accor: the title falls, a broker is cautious


(CercleFinance.com) – Accor sells more than 6% on the Paris stock exchange, while JPMorgan downgraded its advice on the stock on Thursday, reduced from ‘neutral’ to ‘underweight’ with a price target revised downwards from 35.5 to 21 euros, corresponding to a downside potential of 10%.

In a study published in the morning, the design office explains that the reasons which push it to be cautious on the file now outweigh the qualities of the group (strength of the brands, possibility of creating value).

Its concerns are threefold, namely (1) a business profile that it considers less defensive than that of its peers, (2) a risk of a downward revision of market forecasts and (3) a premium valuation of around 15% compared to Intercontinental Hotels Group and Whitbread which seems unjustified and difficult to maintain.

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