Accor: Oddo still a buyer, but cuts TP
(CercleFinance.com) - Despite reducing its target price for the share from 36 euros to 32 euros following the derating of its US peers, Oddo BHF reinstates its "outperform" rating on Accor shares, saying that, despite its cyclical nature, it remains an interesting stock in the sector.
Expecting the hotel chain to publish "very solid" H1 results, the broker has increased its FY 2022 EBITDA forecast from 501 million euros to 601 million euros .
The group's reorganisation into two distinct divisions announced yesterday, without revolutionising anything in the near term, suggests the possibility of a spin-off in the long term, the analyst adds, for whom the share is trading at a discount of 20% compared to to its historical average.
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