Accor: Huazhu takes stake, Oddo still a buyer
(CercleFinance.com) - The Chinese hotel giant, Huazhu group announced to the AMF that it now holds 5.
02% of Accor's capital and 3.86% of its voting rights.
Given the current share price and Accor's underperformance in relative terms vs. asset-light hotels, it does not seem surprising that some investors want to seize entry points, Oddo says.
Oddo is renewing its buy rating on the share (long-term viewpoint), with a target price of 31 euros. The broker is relying on the group's diversified geographical exposure, which will favour the recovery, as well as the 200 million euro cost savings plan, which should make it possible to make the group's structure more flexible and support the completion of its transformation.
Finally, the broker underlines the group's healthy balance sheet, which enables Accor to cope with the current shock, with more than 4 billion euros in cash at the end of June.
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