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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