Accor: Credit Suisse cuts target price and forecasts
(CercleFinance.com) - 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.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.