Leisure, hotel stocks present a mixed picture, MS says

Cirsa Enterprises SAU

04/09/2026 09:52

** Among leisure and hotel industry players, some do a better job than others at seizing the "generally robust" travel demand, Morgan Stanley says
** The brokerage ups French hotel operator Accor to "overweight" from "equal-weight", citing expected 2027 growth in revenue, net units, and cash returns coupled with low valuation
** It cuts British restaurant and bar chain Wetherspoon to "underweight" from "equal-weight" on "relatively unattractive" valuation and risk-reward profile after the stock's rally
** It cuts Spanish casino firm Cirsa Enterprises to "equal-weight" from "overweight" after Lottomatica deal
** MS says holiday cruise sector is still mixed with US agents noting uptake in booking numbers but "not necessarily" better profitability per booking
** Airline demand remains resilient, though outlook differs by geography and customer mix:
US offsets lower total passenger numbers and foreign travellers with higher fares
European short hauls suffer from weakened traffic growth and smaller certainty over future bookings, prompting carriers to lower prices
     
COMPANY
RATING
OLD RATING
PT
OLD PT
Accor ACCP.PA (Top Pick)
Overweight
Equal-Weight
€55.00
€51.00
JD Wetherspoon JDW.L
Underweight
Equal-Weight
800p
650p
Cirsa Enterprises CIRSA.MC 
Equal-Weight
Overweight
€17.60
€18.40 
FDJ United FDJU.PA 
Equal-Weight
no change
€24.00
€26.00 

(Reporting by Mateusz Rabiega)
((Mateusz.rabiega@thomsonreuters.com))