(News Bulletin 247) – Stifel maintains its rating on the Intercontinental title, with an unchanged price target of 5,700 pence.
The analysts report that the 1st half results announced yesterday came out broadly in line with expectations with a solid momentum of RevPAR in the 2nd quarter and a solid expansion of margins driven by the recovery of the EMEAA region and China.
Comments on the second half of the year remain well-oriented, which should lead to small upgrades regarding the 2023 adjusted EBIT consensus.
The broker believes that the publication is in line with expectations but that the absence of positive surprises – especially around the share buyback – could potentially lead to an underperformance of the stock today.
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