Redburn analyst Alex Brignall downgraded InterContinental to Sell from Neutral. The analyst is more cautious on hotels, saying travel demand stayed "belligerently strong" yet the sector’s 2022 results highlighted disappointing net unit growth guidance. The firm says less-accretive acquisitions are replacing organic growth, while a reduction in lending from U.S. regional banks poses a significant risk to hotel projects. It now sees less valuation support for IHG.
Published first on TheFly
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Read More on IHG:
- InterContinental downgraded to Equal Weight from Overweight at Barclays
- InterContinental price target lowered to 6,000 GBp from 6,200 GBp at JPMorgan
- InterContinental downgraded to Hold from Buy at Deutsche Bank
- InterContinental downgraded to Neutral from Buy at UBS
- InterContinental downgraded to Hold from Buy at Stifel
