Accor stock leads the CAC 40, driven by a 2% rebound
The hospitality group's share achieves the best performance of the CAC 40 in this back-to-school trading session, while the Paris index remains slightly in the red. The rebound occurs in a tense geopolitical context in the Middle East and as a €380 million convertible bond issue was just launched by the company on the same day.
Leading the CAC 40, the share rises above its 20-day moving average and approaches its resistance level at €47.47
Accor gains 2.01% to €46.64 during the session; the previous day, the share had lost 2% and dropped below its three moving averages. This rebound places it back above the 20-day moving average (€46.40), with a spread of 0.52%. However, the 50-day moving average at €47.40 remains above the current price, with a 1.60% gap, and almost coincides with the resistance level identified at €47.47.
This double barrier constitutes the next test of the upward momentum engaged in the session. The RSI at 43 remains in neutral territory, with no overbought or oversold signals, which leaves room before the technical configuration becomes tighter.
The convertible bond issue and Deutsche Bank's opinion shed light on the session
Two distinct events structure the share's news on Wednesday. On one hand, Accor launched a €380 million convertible bond issue maturing in 2032, reserved for qualified investors, with the objective of refinancing its OCEANEs maturing in 2027. This operation aims to extend the maturity profile of its debt and does not directly modify the group's operating result.
On the other hand, Deutsche Bank published on Tuesday, September 1st, a buy recommendation on Accor, with a price target of €55.00, representing a potential upside of nearly 18% compared to the current price. This double factor occurs in a European market context oriented downwards, with the CAC 40 declining 0.16% in the session, and as geopolitical tensions in the Middle East (escalation between Iran and the United States on September 2) weigh on Brent, which surges 5.43% to $95.40 per barrel — a context that, historically, increases the operating costs of the hospitality sector via the fuel item. Deutsche Bank's price target of €55.00 remains the next fundamental benchmark for assessing the share's valuation.
