InterContinental upgraded to Buy from Hold at Jefferies

Jefferies analyst Jaina Mistry upgraded InterContinental (IHG) to Buy from Hold with a 11,400 GBp price target When growth is limited across the consumer industry, Hotels is an “attractive” place, offering a positive short- and medium-term set-up, and with RevPAR not the primary driver anymore, the analyst tells investors in a research note. The post-pandemic travel boom is not a “flash in the pan” as structural drivers are powering the sector forward while consumers are shifting spend from goods to experiences, governments are investing, and the global middle class is expanding, the firm added.