Accor is up 2%, outperforming the trend in Paris, the day after S&P upgraded its credit rating to investment grade from BB+ to BBB-, with its outlook reduced from positive to stable, according to Stifel.

This should pave the way for management to implement its capital allocation plan", says the broker, who reaffirms his "buy" recommendation and price target of 41 euros on the stock, his favorite value in the hotel sector.

We would now expect the first tranche of a share buyback program to be implemented in the coming months", says Stifel, pointing out that "the cash distribution of three billion euros is not linked to asset disposals".

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