InterContinental downgraded to Hold from Buy at Berenberg

Berenberg downgraded InterContinental to Hold from Buy with a price target of 6,000 GBp, down from 6,500 GBp. The analyst is bullish about the long-term structural growth drivers of the hotel industry and continues to think that IHG is well placed to benefit from them. However, the firm thinks this is broadly reflected in IHG’s current valuation and, with potential near-term headwinds from financing challenges and geopolitical tensions, it sees little scope for a re-rating. It views IHG as fairly valued at present.