Stifel reaffirms its 'buy' recommendation on Accor with a price target raised from €41 to €45, maintaining its preference for the French hotel group's stock over its British peer InterContinental Hotels.

The broker maintains a 'constructive view of the sector' for 2024, expecting solid demand in key markets and normalizing pricing power, underpinning its expectations of operating profit growth of plus or minus 10%.

Regarding Accor, Stifel anticipates 'outperforming RevPAR growth via an attractive geographic mix, luxury and lifestyle expansion, cash redistribution and multiple revaluation'.

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