Morgan Stanley analyst Jamie Rollo downgraded InterContinental (IHG) to Underweight from Equal Weight with a price target of 9,600 GBp, up from 8,700 GBp. The firm cites valuation for the downgrade. The downgrade is a relative view that reflects the lack of upside to the price target versus peers, rather than expectations of significant absolute downside for the shares, the analyst tells investors in a research note. Morgan Stanley still sees “plenty to like about the company.” However, the shares trade in-line with IHG’s “best in class” U.S. peers, despite generating weaker growth, which themselves are on close to record multiples, the firm contends.
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Read More on IHG:
- InterContinental upgraded to Reduce from Sell at AlphaValue/Baader
- InterContinental Hotels Group Engages in Share Buyback Program
- InterContinental price target raised to 8,300 GBp at Deutsche Bank
- InterContinental price target raised to 113 GBp from 109 GBp at Barclays
- InterContinental price target raised to 7,800 GBp from 6,600 GBp at JPMorgan
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
