S&P Equity Research Downgrades InterContinental Hotels Group (IHG) to Hold
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S&P Equity Research downgrades InterContinental Hotels Group (NYSE: IHG) from Buy to Hold.
S&P analyst, M. Basham, says, "We expect when IHG reports Q1 that revenues will be flat, reflecting fewer owned hotels offset by higher franchise and management fees, and look for EPS of $0.24 vs. $0.21. However, we think the outlook into 2009 for growth in the U.K. and parts of the E.U. has diminished somewhat, though the Asian outlook remains strong. We also think the outlook for the US$ against the GBP and euro is now somewhat more bullish for the US$, which would negatively affect ADS results. We lower our '08 estimate by $0.05 to $1.05, and cut our enterprise value/EBITDA-based target price by $1 to $18."
InterContinental Hotels Group PLC (IHG) is a worldwide owner, manager and franchisor of hotels and resorts. [SM]
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