Accor: 'top pick' at Jefferies, which raises its target

(CercleFinance.com) - Jefferies announced on Tuesday that it had raised its price target for Accor from 52 to 55 euros, while maintaining its buy recommendation on the stock.


In a study of the European hotel sector, the American broker said 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 an inflection point in net unit growth, expected to be around 4%, and returns to shareholders, which could represent some 20% of the company's market capitalization over the next two years.

Among 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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