InterContinental price target lowered to 10,300 GBp from 10,400 GBp at BofA

BofA lowered the firm’s price target on InterContinental (IHG) to 10,300 GBp from 10,400 GBp and keeps a Buy rating on the shares. The firm noted that CEO Elie Malouf and CFO Michael Glover “sounded confident” at the management meeting following the company’s first half results, highlighting growth in signings, a rising loyalty contribution, and saying they see a “large addressable market for conversions from independents and other brands.” However, the firm added that the price target was slightly lowered due to the foreign exchange market.