Accor: share price rises, analyst upgrades to buy
While the capital allocation policy has been 'simplified', the broker now sees 'a clear growth and profitability trajectory, and clarity on shareholder returns' for the French hotel chain.
Jefferies sees further upside for the stock as the valuation gap with Intercontinental Hotels narrows, with an EV/EBITDA discount of 30% versus 14% historically, despite a stronger RevPAR environment.
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