Accor: Stifel confirms buy rating
(CercleFinance.com) - Stifel maintains its Buy rating on Accor shares, with an unchanged target price of E41.
Accor has announced the issue of a new E500m hybrid bond, to be used to redeem its existing E500m hybrid bond dated January 24, paving the way for a share buyback program of over E400m, Stifel says.
"We expect Q3 to be another solid quarter, leading to another guidance uplift," the analyst says, who believes that "The recent stock weakness is decorrelated from the positive earnings momentum, and the positive newsflow, reflecting macro concerns on next year."
In this respect, Stifel believes that expectations for 2024 do not seem particularly high.
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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 has announced the issue of a new E500m hybrid bond, to be used to redeem its existing E500m hybrid bond dated January 24, paving the way for a share buyback program of over E400m, Stifel says.
"We expect Q3 to be another solid quarter, leading to another guidance uplift," the analyst says, who believes that "The recent stock weakness is decorrelated from the positive earnings momentum, and the positive newsflow, reflecting macro concerns on next year."
In this respect, Stifel believes that expectations for 2024 do not seem particularly high.
Copyright (c) 2023 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.