AccorHotels: Oddo BHF still a buyer - adjusts target price

(CercleFinance.com) - While cutting its target price from 54 euros to 51 euros after updating market data, Oddo BHF reiterates its "buy" rating on AccorHotels, after the share's recent decline, which it says appears to largely integrate fears regarding the yellow vest protests in France.


The broker explains that this recommendation is backed by a solid outlook for RevPAR in most of the group's markets and a diversified geographical exposure, with the group offering one of the most defensive profiles on the hotel sector.

Oddo BHF also highlights a business model that is now asset light, which offers significant operational leverage, as well as a solid generation of recurrent FCF offering significant potential for exceptional returns to shareholders and/or M&A.



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