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Accor: Jefferies maintains Buy rating after 'solid' quarter

( - Jefferies has reaffirmed its 'buy' recommendation and E47 target price for Accor, after the French hotel chain reported a 'solid' first quarter, suggesting that there are no cracks in travel demand.

In its summary, the broker continues to see favourable momentum for Accor, given the clear trajectory for growth and profitability, and clarity on returns to shareholders.

Jefferies also expects the valuation gap with Intercontinental Hotels to narrow, noting that Accor is trading at a 15% discount to its UK peer on the 2025 P/E, compared with an historical premium of 14%.

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