InterContinental downgraded to Hold at Societe Generale after 31% rally

As previously reported, Societe Generale analyst Sabrina Blanc downgraded InterContinental to Hold from Buy with a 7,930 GBp price target ahead of FY23 results due on February 20. The firm expects the group to announce a new share buyback program along with the results release and for new CEO Elie Maalouf to provide a more detailed roadmap for the group. However, after a 31% increase in the share price in the past months, the firm views upside as “much more limited now” and believes that the current valuation is “not attractive enough” for a Buy rating.