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Accor: Credit Suisse cuts target price and forecasts

( - Following Accor's H1 2020 results, Crédit Suisse has cut its 2021 and 2022 EBITDA estimates by 13% and 7% respectively and has lowered its target price from 21 euros to 19.
30 euros. The broker has also confirmed its underweight rating on the share.

"Consensus expectations for Fee Revenue and group EBITDA appear optimistic".

"Accor reports Q3 revenues in October. We do not see liquidity risk given a cash-heavy balance sheet," Crédit Suisse says.

"The main downside risk is a potential significant future reduction in the frequency of corporate travel. Near and mid-term risks to corporate travel do not look priced in," it adds.

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