Accor: Oddo still a buyer; adjusts target price

(CercleFinance.com) - An analyst at Oddo BHF this morning said that he is maintaining his "buy" rating on the share Accor group, noting that RevPAR in France were "stable in May" and "up in Paris".


The broker is maintaining its Buy rating on Accor, supported by a diversified geographical exposure offering one of the most defensive profiles in the hotel sector, a business model this is currently almost completely “asset light,” which enables the group to better absorb any shock in the event of market downturn. In addition, the group generates solid recurrent FCF that offers significant potential for an exceptional return to shareholders and/or M&A, it says.

However, Oddo BHF has trimmed its corresponding target price from 48 euros to 46.5 euros, after updating market data: this new target price suggests upside potential of 34%.



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