Intercontinental Hotels Group (NYSE:IHG) Earns “Buy” Rating from Bank of America Corporation

Intercontinental Hotels Group (NYSE:IHG)‘s stock had its “buy” rating reaffirmed by stock analysts at Bank of America Corporation in a research note issued to investors on Tuesday, July 25th, MarketBeat reports.

IHG has been the topic of several other research reports. Zacks Investment Research raised shares of Intercontinental Hotels Group from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Wednesday, June 7th. Morgan Stanley cut shares of Intercontinental Hotels Group from an “equal weight” rating to an “underweight” rating in a research note on Thursday, June 15th. Credit Suisse Group cut shares of Intercontinental Hotels Group from an “outperform” rating to a “neutral” rating in a research note on Monday, June 19th. They noted that the move was a valuation call. Finally, BidaskClub cut shares of Intercontinental Hotels Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. Intercontinental Hotels Group has an average rating of “Hold” and an average target price of $50.33.

Shares of Intercontinental Hotels Group (IHG) opened at 51.93 on Tuesday. The company has a market cap of $10.18 billion, a PE ratio of 23.29 and a beta of 1.34. The company has a 50 day moving average of $55.73 and a 200 day moving average of $53.13. Intercontinental Hotels Group has a 52 week low of $39.84 and a 52 week high of $57.80.

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A number of hedge funds have recently modified their holdings of IHG. Jane Street Group LLC bought a new stake in shares of Intercontinental Hotels Group during the first quarter valued at about $21,249,000. Karp Capital Management Corp bought a new stake in shares of Intercontinental Hotels Group during the first quarter valued at about $8,584,000. Freestone Capital Holdings LLC bought a new stake in shares of Intercontinental Hotels Group during the second quarter valued at about $8,207,000. Parametric Portfolio Associates LLC raised its stake in shares of Intercontinental Hotels Group by 18.1% in the first quarter. Parametric Portfolio Associates LLC now owns 185,692 shares of the company’s stock valued at $9,086,000 after buying an additional 28,513 shares during the period. Finally, Dubuque Bank & Trust Co. bought a new stake in shares of Intercontinental Hotels Group during the first quarter valued at about $1,366,000. Hedge funds and other institutional investors own 6.93% of the company’s stock.

About Intercontinental Hotels Group

InterContinental Hotels Group PLC is a hotel company. The Company franchises its brands to, and manages hotels on behalf of, third-party hotel owners. Its segments include The Americas; Europe; Asia, Middle East and Africa (AMEA); Greater China, and Central. It operates a portfolio of hotel brands, including InterContinental, HUALUXE, Kimpton, Crowne Plaza, Hotel Indigo, EVEN Hotels, Holiday Inn, Holiday Inn Express, Staybridge Suites Hotels, Holiday Inn Resort, Holiday Inn Club Vacations and Candlewood Suites Hotels.

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