InterContinental placed on ‘negative catalyst watch’ at JPMorgan

JPMorgan placed a “negative catalyst watch” on shares of Underweight-rated InterContinental. The firm says IHG remains its least preferred name amongst European hotels as it sees both company guidance and Street expectations as “too ambitious” into the second half of 2024 onwards. Ongoing RevPAR weakness across the U.S. and China could be further exacerbated by tough China comps and U.S. macro uncertainty, the analyst tells investors in a research note.