Jefferies downgrades its recommendation on InterContinental Hotels from 'buy' to 'hold' despite raising its target price from £64 to £84, noting that the British hotel group's stock trades at a 6% PE discount to Marriott.

"The consensus appears well positioned for 2024/25, the valuation is full and the weakness of underlying US growth leads us to take a back seat", explains the broker, who envisages catalysts for the second half of the year.

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