Barclays announced on Thursday that it had upgraded its recommendation on Accor shares from 'underweight' to 'weight in line', saying it saw 'many positive elements' surrounding the stock.

Following a conversation with the hotel group's CFO, the research firm also decided to raise its target price on the stock from 21 to 29 euros.

Accor's outlook for the next 12 months has changed considerably in recent months", wrote the analysts in a research note released this morning.

Barclays believes that Accor's share price should be supported in the short term by an upward revision of market forecasts and by positive surprises in shareholder compensation, with potential share buybacks of 500 million euros.

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