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Accor: Barclays raises its recommendation to 'overweight

( - On Wednesday, Barclays raised its recommendation on Accor shares from 'in-line weighted' to 'overweight', with a price target raised from €33 to €48.

In a note, the research firm explains that it considers the share's recent underperformance against its main peers to be unjustified.

The analyst points out that the stock has significantly underperformed its peers over the past 12 months, and is now trading at a 34% discount to InterContinental Hotels Group (IHG).

The stock is also at a discount to its own historical average.

Yet, he points out, Accor generates far higher revenue per available room (RevPAR) than its competitors, and its four-year EPS growth target of 15% is close to that of IHG, taking share buybacks into account.

While catalysts remain limited in the short term, we see this bout of weakness as an attractive entry point from a long-term perspective", he concludes.

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