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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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.
"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".
Copyright (c) 2022 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.