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Accor: Stifel maintains recommendation

( - Stifel maintains its Sell recommendation with a target price of E20 for the Accor share.

“The company has benefited from the recovery of the European market in the first half (although lagging industry trends), bringing EBITDA back into positive territory,” points out the analyst. AccorInvest's revenues for the 1st half of 2022 come to approximately 1.5 billion euros, representing about 20% less than the first half of 2019.

Although Accor should benefit from good summer trading in Europe, Stifel remains cautious on operating leverage “with it being particularly exposed to the inflationary backdrop” it says.

Against this backdrop, the analyst considers that there is a downside risk for Accor “as we view the current relative valuation as unsustainable, while we see some hurdles into the earnings recovery path”.

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