JPMorgan Chase & Co. Reiterates “Underweight” Rating for InterContinental Hotels Group PLC (IHG)
InterContinental Hotels Group PLC (LON:IHG)‘s stock had its “underweight” rating reaffirmed by JPMorgan Chase & Co. in a report released on Wednesday. They currently have a GBX 2,975 ($37.17) price target on the stock. JPMorgan Chase & Co.’s price objective indicates a potential downside of 10.07% from the stock’s current price.
Several other brokerages also recently weighed in on IHG. Credit Suisse Group AG increased their target price on InterContinental Hotels Group PLC from GBX 3,500 ($43.73) to GBX 3,550 ($44.35) and gave the company an “outperform” rating in a research note on Tuesday, September 13th. Morgan Stanley downgraded InterContinental Hotels Group PLC from an “equal” rating to an “underweight” rating and reduced their price objective for the stock from GBX 3,300 ($41.23) to GBX 3,100 ($38.73) in a research report on Monday, September 26th. Panmure Gordon reiterated a “hold” rating and issued a GBX 2,800 ($34.98) price objective on shares of InterContinental Hotels Group PLC in a research report on Tuesday, August 2nd. HSBC reiterated a “reduce” rating and issued a GBX 2,900 ($36.23) price objective on shares of InterContinental Hotels Group PLC in a research report on Monday, November 14th. Finally, Bryan, Garnier & Co downgraded InterContinental Hotels Group PLC to a “sell” rating and raised their price objective for the stock from GBX 2,650 ($33.11) to GBX 2,950 ($36.86) in a research report on Tuesday, September 27th. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of GBX 2,934.32 ($36.66).
InterContinental Hotels Group PLC (LON:IHG) opened at 3301.00 on Wednesday. The firm’s market cap is GBX 7.53 billion. InterContinental Hotels Group PLC has a 12 month low of GBX 2,504.00 and a 12 month high of GBX 3,528.00. The firm’s 50-day moving average price is GBX 3,177.54 and its 200-day moving average price is GBX 3,012.70.
In other news, insider Richard Solomons sold 37,340 shares of InterContinental Hotels Group PLC stock in a transaction on Monday, October 31st. The stock was sold at an average price of GBX 3,157 ($39.44), for a total value of £1,178,823.80 ($1,472,793.35).
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About InterContinental Hotels Group PLC
InterContinental Hotels Group PLC is a hotel company. The Company operates hotels in three ways: as a franchisor, as a manager, and on an owned and leased basis. The Company’s segments include Americas; Europe; Asia, Middle East and Africa (AMEA); Greater China, and Central. The Company operates a portfolio of hotel brands, including InterContinental, HUALUXE Hotels and Resorts, Kimpton Hotels and Restaurants, Crowne Plaza, Hotel Indigo, EVEN Hotels, Holiday Inn, Holiday Inn Express, Staybridge Suites and Candlewood Suites.
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