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STOCKS NEWS EUROPE-Accor shares rise after UBS upgrade

Reuters - UK Focus

Shares in Accor (Paris: FR0000120404 - news) rise 2.5 percent, leading gainers on the CAC-40 index of French blue chips after UBS (Xetra: UB0BL6 - news) raises its rating on Europe's largest hotel group to "buy" from "neutral", citing a stronger-than-expected revenue outlook.

"Given recent industry data, we think RevPar growth in the next few years will be stronger than previously anticipated," UBS analysts say in a note.

'Revenue Per Available Room' (RevPar), or the average daily revenue an hotel is able to generate per available room, is a key gauge of health in the industry.

UBS analysts, who raised their price target on Accor's stock to 36.50 euros from 29.10 euros, say they have increased their RevPar growth forecast to 3.0 percent from 2.0 percent for 2014 and to 3.0 percent from 1.3 percent for 2015. The analysts also raise their 2014 and 2015 earnings-per-share estimates by 4 percent and 8 percent, respectively.

Reuters messaging rm://dominique.vidalon.thomsonreuters.com@reuters.net