Accor resumed with a Buy at Citi

Citi analyst Leo Carrington resumed coverage of Accor (ACCYY) with a Buy rating and EUR 53 price target In leisure, the firm believes market leaders can continue to enhance their competitive advantage with multi-year double-digit earnings growth potential. It sees “highly favorable fragmented market structures” enabling technology deployment at scale as well as attractive pricing dynamics in hotels and caterers. Citi’s overall top pick is Whitbread and in the contract catering subsector the analyst prefers Sodexo.