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.