Bernstein SocGen Group has maintained an Outperform recommendation on Accor SA and increased its price target to EUR56.60 from EUR52.40, while noting the stock currently trades at $11.08 with a price-to-earnings ratio of 20.55. The firm projects that Accor could meaningfully outpace peers in 2026, driven by improving revenue per available room dynamics and favorable market shifts.
In Bernstein’s assessment, Accor is undervalued relative to industry comparables. Supporting data from InvestingPro indicates the company is trading below its Fair Value and carries a Financial Health grade of "GOOD." The brokerage argues that fulfillment of growth and cash-return goals will be essential for the share price to rerate, and it identifies several metrics where Accor displays momentum.
Operationally, Accor clocked a 6.43% increase in revenue over the last twelve months. On the distribution of cash to shareholders, the company has lifted its dividend for three consecutive years, with the most recent period recording 15.06% dividend growth. At present, Accor offers a dividend yield of 1.7%.
Bernstein’s view on profitability places Accor ahead of competitor IHG on consensus EBITDA growth forecasts for fiscal 2026 and 2027. The research note links that outperformance to RevPAR tailwinds and a concentration of growth within higher average daily rate segments - specifically Luxury & Lifestyle - which tend to drive stronger margin outcomes.
Cash returns are another focal point for Bernstein. The firm projects Accor will return the equivalent of 7.8% of its market capitalization to investors in 2027, versus 6.1% for IHG that year. Additionally, Bernstein anticipates Accor’s cash-return growth to proceed at roughly 8% in 2026 compared with IHG’s projected 6% growth in 2026.
The note also highlights geographic and market improvements underpinning the upgraded target. Bernstein expects robust RevPAR growth in 2026 as conditions in the U.S. market improve, and it cites a reversal of earlier headwinds - including government cuts and reduced inbound travel - which are expected to turn into supportive factors for revenue growth.
For investors seeking further financial detail, InvestingPro offers additional metrics and analyses. Accor’s next scheduled earnings announcement is on February 19, a date Bernstein and market participants will likely watch for confirmation of the firm’s assumptions.
Contextual takeaway - Bernstein’s revised target and maintained Outperform rating reflect a view that Accor combines near-term operational momentum with improving cash-return dynamics, and that these elements warrant a valuation premium should the company deliver on those fronts.