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Accor: Jefferies remains Buy after a 'solid' quarter

( - Jefferies reaffirms its 'buy' recommendation and ?47 price target on Accor, after a first-quarter performance deemed 'solid' for the French hotel chain and suggesting that there are no cracks in travel demand.

In the summary of its note, the broker continues to see favorable momentum for Accor, 'given the clear trajectory for growth and profitability, and clarity regarding returns to shareholders'.

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

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