InterContinental downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded InterContinental to Underweight from Neutral with a price target of 5,400 GBp, down from 6,300 GBp. While concerns around weakening demand trends remain top of mind for investors, as reflected in recent share price weakness at Whitbread and Accor, exacerbated by potential demand pressure in the Middle East, the share outperformance of Whitbread is surprising, the analyst tells investors in a reearch note. The firm now sees IHG‘s risk/.reward as “highly unappealing,” with its bear/bull cases suggesting close to 20% downside and 7%upside to current levels.