Accor: share falls after downgrade

(CercleFinance.com) - Accor shares opened down in Paris on Friday, after Berenberg downgraded the stock, with the broker believing that the hotel group's share price sufficiently incorporates the scenario of a recovery.


At around 9.30am, the share price was down 1.4%, one of the biggest fallers in the SBF 120 index, which gained was up 0.2% at the same time.

Berenberg this morning downgraded its recommendation on Accor from "hold" to "sell," although nudged up its target price from 27 euros to 27.5 euros (current price: 33.8 euros).

"Accor continues to be relatively hard hit by the ongoing pandemic restrictions due to its heavy exposure to European markets, which continue to perform well below most other developed markets," the broker said.

Berenberg says that its new target price of 27.5 euros means downside potential of 21%.


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