Jefferies lowered the firm’s price target on InterContinental (IHG) to 8,900 GBp from 9,300 GBp and keeps a Hold rating on the shares as part of a Q1 preview. The firm expects a good Q1 for IHG with RevPAR up3.3%, driven by the market strength in January and February. However, the first two weeks of March RevPAR softened in the U.S. and fuels the debate around the U.S. consumer, the analyst tells investors in a research note. Jefferies’ base case is that corporate demand is waiting for policy certainty.
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