Accor: Credit Suisse raises target price.
(CercleFinance.com) - Credit Suisse has raised its target price for the Accor stock by 9% to 37.
4 euros, so as to reflect the appreciation of the US hotel group's peers. However, the broker reiterates its "underperform" rating on the stock.
While the consensus has a buy rating on Accor, the Swiss broker is more cautious, in particular pointing to Accor Invest's weak operational performance over the first half-year, which adds risks to the potential sale value of this division.
Credit Suisse has updated its valuation model for Accor, including a 24% cut in its 2018 EPS estimate. The broker estimates that the share is trading at 26x 2018 EPS, representing a premium of 30% compared to InterContinental Hotels Group.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
4 euros, so as to reflect the appreciation of the US hotel group's peers. However, the broker reiterates its "underperform" rating on the stock.
While the consensus has a buy rating on Accor, the Swiss broker is more cautious, in particular pointing to Accor Invest's weak operational performance over the first half-year, which adds risks to the potential sale value of this division.
Credit Suisse has updated its valuation model for Accor, including a 24% cut in its 2018 EPS estimate. The broker estimates that the share is trading at 26x 2018 EPS, representing a premium of 30% compared to InterContinental Hotels Group.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.