InterContinental: stock up after interim results

(CercleFinance.com) - The share of InterContinental Hotels (IHG) Group is up over 3% in London on Tuesday, despite the publication of adjusted EPS that collapsed 90% to 14.
3 cents for the first half of 2020 and the suspension of its dividend per share.

The hotel chain saw its underlying EBIT plunge by 82% to 74 million dollars, missing Oddo BHF's forecast by 6%, while its revenues halved (-52%) to 488 million dollars, 15% less than the broker expected.

However, Oddo BHF highlights reassuring comments on the group's cash position and the inklings of an improvement in activity. Therefore, while maintaining his "reduce" rating on the share, the analyst has raised his target price from 2600 pence to 3000 pence.


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