InterContinental price target lowered to 8,300 GBp from 8,400 GBp at Jefferies

Jefferies lowered the firm’s price target on InterContinental (IHG) to 8,300 GBp from 8,400 GBp and keeps a Hold rating on the shares. Marriott (MAR) lowered fiscal year guidance on weak domestic China travel extending into the second half of 2024, the analyst tells investors in a research note. As a result, the firm “pre-emptively” updated its IHG estimates to reflect China weakness in the second half of 2024 and fiscal 2025, as well as a slower growth environment in the U.S. in 2025.