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InterContinental Hotels: Jefferies downgrades stock

( - Jefferies downgrades InterContinental Hotels shaes from 'buy' to 'hold', despite raising its target price from £64 to £84, noting that the British hotel group's stock is trading at a 6% P/E discount to Marriott.

"Consensus appears well-set for 2024/25, valuation is full and weak core US growth move us to the sidelines", the broker explains, which envisages catalysts for H2.

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