Accor double-upgraded to Buy from Underperform at Jefferies

Jefferies upgraded Accor (ACCYY) to Buy from Underperform with a price target of EUR 47, up from EUR 30. The company’s capital allocation policy has shifted to “simplification”, and the firm now sees a “compounding path” for Accor with a profitability trajectory and clarity around shareholder returns, the analyst tells investors in a research note. Accor shares also trade at a 30% discount to InterContinental (IHG) on enterprise value to expected EBITDA vs. historical 14% discount despite a stronger RevPAR environment, the firm added.