Jefferies analyst Jaina Mistry downgraded InterContinental (IHG) to Hold from Buy with a price target of 8,400 GBp, up from 6,400 GBp. The company is a long-term compounder with a growth algorithm that rivals Marriott’s (MAR), but consensus for the stock appears well-set for 2024-2025 and its valuation is full, the analyst tells investors in a research note. The firm further cites InterContinental’s “weak core U.S. growth” that warrants a move to the sidelines.
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- InterContinental price target raised to 7,400 GBp from 6,000 GBp at Berenberg
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