Accor: Oddo still a buyer

(CercleFinance.com) - Accor's RevPAR France fell by 28.
2% in September 2021 (compared to September 2019) according to preliminary data published by MKG, the analyst says.

September marks a sequential slowdown in RevPAR (mainly due to lower prices), after -13.4% in August, Oddo adds.

The broker maintains its scenario of a recovery in the hotel sector, meaning a gradual improvement that should be driven by domestic customers (leisure and business) from Q3 2021 and then by the return of international customers from 2022.

As a result it is maintaining its operating assumptions for Accor, including a 42.5% decline in RevPAR in FY21, including -36% in Q3 (vs. 2019) and -35% in Q4 (lower leisure demand vs. Q3), analysts explain.
Oddo confirms its Outperform opinion on the stock, sticking to its target price of 37.0 euros (current price almost 32 euros, +2%).


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