InterContinental downgraded to Sell from Neutral at Citi

Sep. 16, 2022 12:53 PM ETIHGBy: Pranav Ghumatkar, SA News Editor
  • Citi analyst Leo Carrington downgraded InterContinental Hotels (IHG) to Sell from Neutral with a £4,450 price target.
  • Hotel construction pipelines have fallen 9% versus 2019, and further weakening will weigh on sentiment, while competition for conversions is "rigorous," Carrington tells investors.
  • The analyst sees InterContinental's valuation as "exposed" with only an 11% derating versus 2019.
  • InterContinental Hotels Brands SA Quant Rating stands with Buy whereas, Wall St. Analysts Rating says to Hold (1 Bullish).
  • Since the start of 2022, InterContinental Hotels shares were down around 18%, and over a period of one year, shares were down around 15%.
  • Shares are currently -4.94% to $54.07 today.

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