Accor: a top pick for Jefferies, which raises TP

(CercleFinance.com) - Jefferies announced on Tuesday that it had raised its target price for Accor shares from E52 to E55 (cp: E49.
3, +0.5%), maintaining its buy rating on them.

In a study of the European hotel sector, the US broker says that it expects Accor's share price to be boosted by the effects of the group's strategy of geographic diversification and expansion in the luxury sector.

Jefferies also sees a turning point in net unit growth, expected to be around 4%, and returns to shareholders, which could represent some 20% of the company's market cap over the next two years.

Amongst other possible catalysts, the broker mentions a possible sale of AccorInvest, positive surprises on share buybacks and more visibility on the succession of its CEO.

In terms of valuation, Jefferies notes that Accor shares are trading at a 20% discount to InterContinental Hotels, despite a similar growth profile.

Jefferies ranks Accor as its "top pick" in the sector, ahead of Jet2, Whitbread and PPHE.


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