UPDATE: J.P. Morgan Downgrades Intercontinental Hotels from Overweight to Neutral

J.P. Morgan downgraded Intercontinental Hotels

and increased its price target from 1640p to 1700p. J.P. Morgan wrote, “IHG reported solid Q212 results and announced a $1bn return of capital which will be evenly split between share buybacks and special dividends; commencing in Q412. With the sale of the London Park Lane hotel not expected for at least the next 12 to 18 months, we now believe there are no further short-term catalysts. Additionally, we expect mixed U.S. macroeconomic data and continued Eurozone uncertainty to leave little to no room for upside to RevPAR growth forecasts.” Intercontinental Hotels closed at $27.02 on Tuesday.