Accor: Oddo BHF encouraged by RevPAR in France
(CercleFinance.com) - Oddo BHF maintains its "buy" rating on the Accor share, along with its target price of 46.
5 euros (14% upside), highlighting RevPAR in France that is up 2.7% y-o-y in December 2019, according to preliminary data published by OlaKala.
This is a very encouraging performance, given the ongoing strikes in France, which indeed have had a negative impact. However, the period benefited from a pretty favourable comparison basis (+2.6% in December 2018, which was impacted by the yellow vests protests), the analyst points out.
Believing that this increase in RevPAR in France in December should reassure regarding the resilience of the market, the broker is sticking with its assumption of 2% growth in RevPAR in 2019, including +2.6% in Europe/France.
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