Credit Suisse Reiterates Outperform on InterContinental Hotels (IHG)

Credit Suisse is out with its report today on InterContinental Hotels IHG, reiterating Outperform. In a note to clients, Credit Suisse writes, "Although we anticipate negative EPS revisions of c3% after Q1 results due to quantification of Japan/MENA exposure we retain our Outperform rating on IHG. We expect IHG to demonstrate the benefits of its GEM exposure in 7% Q1 RevPAR growth and the end of Holiday Inn exits which should improve visibility on the true system growth potential from its market leading +200,000 room pipeline from this point forward. With 24% target price upside we re-iterate our Outperform rating." At the time of posting, shares of IHG were trading pre-market at $20.63, down 1.01% from Thursday's close.