Accor: Stifel still steering clear
(CercleFinance.com) - Stifel maintains its sell rating on Accor shares, along with its target price of 28 euros.
"Accor issued a press release tonight announcing the upgrade of its FY22 EBITDA guidance, implying c.6% upside to current consensus forecasts," the analyst says, for whom this announcement should be "a partial surprise to investors".
In addition, Stifel notes that the company has said that it had entered into exclusive negotiations for the sale of its headquarters building, "implying a cash inflow of c.E165m (neutral net debt impact)".
The analyst adds that this news will please investors and provide some short-term momentum to the stock after the recent underperformance.
Despite this short-term momentum, Stifel remains cautious on the shares due to the combination of "demanding consensus expectations and stretched multiples".
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