Accor: Stifel still a seller, but raises TP
(CercleFinance.com) - Stifel has reiterated its "sell" rating on the Accor share, while raising its target price from 20 euro to 26 euros (current price: 35 euros), after the publication of 2020 results, which, Stifel says, brought little additional news.
"Visibility remains low, and operating leverage and cash burn should remain significant in 2021, although sequentially improving,"the broker says.
"We believe current valuation is hard to justify and does not reflect the fundamentals, especially relative to asset-light peers. Our analysis suggests a demanding recovery scenario being already priced-in", it adds.
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