Stifel maintains its 'buy' recommendation on Accor, with a price target raised from 45 to 48 euros, a target still implying an average valuation discount of around 20% compared with its British peer InterContinental Hotels.

The broker considers the results unveiled by the French company the previous day to be 'very solid, converting strong RevPAR momentum into solid operating and cash performance, with a confident outlook and impeccable communication'.

Stifel is confident in the upside potential of the hotel chain's stock, 'via the combination of positive sector dynamics, solid execution and disciplined capital allocation'.

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