(CercleFinance.com) – Stifel reaffirms its ‘hold’ recommendation on InterContinental Hotels with a price target raised from 5,800 to 7,300 pence, however maintaining its preference for its French peer Accor over the title of the British hotel group.
The broker retains a ‘constructive view of the sector’ for 2024, expecting solid demand in key markets and normalizing pricing power, supporting its expectations for operating profit growth of plus or minus 10%.
‘Capital allocation should remain focused on cash distribution to shareholders, providing a return of around 7% for both Accor and InterContinental Hotels,’ Stifel adds.
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