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Accor: Oddo BHF cuts target price

( - Oddo BHF maintains its "buy" recommendation on the Accor share, although has cut its corresponding target price from 33.
5 euros to 31 euros (current price just shy of 24 euros, -1%), after updating its operational assumptions and sector multiples for the French hotel chain.

The broker notes that Accor's 2020 AGM confirmed a very gradual recovery in business, with positive signals for July and August. Overall, while Oddo BHF expects RevPAR to fall by 50% in 2020, it expects a 28% rebound in 2021.

The broker believes that the "solid" fundamentals will remain broadly unchanged after the crisis, i.e. diversified geographical exposure, a business model that is now almost entirely asset-light and a healthy balance sheet that can withstand the current shock.

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