InterContinental price target raised to 6,200 GBp from 5,500 GBp at Jefferies

Jefferies analyst Jaina Mistry raised the firm’s price target on InterContinental (IHG) to 6,200 GBp from 5,500 GBp and keeps a Buy rating on the shares. The analyst names the stock as Jefferies’ "preferred play on travel recovery" and expects valuation relative to Marriott (MAR) to narrow given the company’s stronger growth profile in 2023 due to exposure to Asia and comparable net unit growth rate of about 4%.