JPMorgan upgraded Accor (ACCYY) to Overweight from Neutral with a price target of EUR 54, up from EUR 44. Looking ahead to 2025, the firm is taking a relatively more positive stance on European hotels. While asset-light hoteliers had a good run in 2024, in an environment of more normalized RevPAR growth, the market will gradually shift to stock- icking territory, and there is more value in Accor at this level, the analyst tells investors in a research note.
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