InterContinental price target raised to $160 from $156 at BofA

BofA raised the firm’s price target on InterContinental (IHG) to $160 from $156 and keeps a Buy rating on the shares. Intercontinental reported Q4 global RevPAR growth of 1.6%, better than Hilton’s (H) 0.5% and not far off Marriott’s (MAR) 1.9% despite lower chain scale exposure, notes the analyst, who tweaked the firm’s estimates and notes that the stock is still trading at a discount to U.S. peers.