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InterContinental Hotels: up, broker in support

( - InterContinental Hotels is up nearly 2% in London on the back of an analysis by Oddo BHF, which maintains its 'outperform' rating on the shoottee with a price target raised from 6,750 to 8,700 pence, saying it is positive on its outlook for 2024, after good 2023 results and a new share buyback program.

The research firm highlights the British hotel group's relatively resilient exposure, solid financial position, know-how and good track record in terms of hotel development.

'The stock market valuation suggests an EV/EBITDA 2024 multiple of 16.4 times, a 10% discount to US asset light comparables (Hilton and Marriott), a level we consider unjustified in the current context, and an FCF yield of 4%', it adds.

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