JPMorgan double upgraded InterContinental (IHG) to Overweight from Underweight with a price target of 10,400 GBp, up from 8,500 GBp, which offers 20% potential upside. The shares have underperformed year-to-date due to the company’s U.S. exposure and weaker RevPAR across key geographies, the analyst tells investors in a research note. However, with RevPAR expectations now rebased, JPMorgan expects IHG’s narrative to turn more constructive. The company can pivot towards its “superior earnings visibility” and high free cash flow conversion, the firm contends.
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