Stifel reaffirms its 'buy' recommendation on Accor, with a price target raised from 48 to 50 euros, on the basis of higher estimates for the French hotel chain ahead of its first-quarter trading update (April 25).

The broker anticipates 'a strong start to the year, which should make current consensus expectations for 2024 too conservative, while confirming expectations of continued RevPAR (revenue per available room) outperformance over peers'.

We remain confident about sustained positive momentum throughout the year, ultimately leading to another year of double-digit EBITDA growth', adds Stifel, which still sees the risk/reward ratio on the stock as attractive.

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