Accor: Credit Suisse raises target price

(CercleFinance.com) - On Monday Credit Suisse raised its target price for Accor shares to 22.
4 euros (from 21.5 euros), although maintains its "underperform" view on the stock.

In its comments, the broker mentions a "negatively skewed" bias for the French hotel group due to its high exposure to the European and Asian markets, where business remains depressed.

Credit Suisse also says it fears that the cost savings generated by the group will be squandered in efforts to revive business in an already overburdened hotel market.

Trading at a 2023 P/E of 31x, compared to an average of 24x for 2018/2019, the analyst believes that the market is well positioned for a recovery, despite the risks that continue to dog the international travel market.



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