InterContinental Hotels Group

Goldman Sachs raises estimates for InterContinental Hotels Group (IHG.L) on stronger-than-expected RevPAR trends. The firm reiterates a Buy rating with an increased price target of $190.

Key Takeaways

• 1.Raising RevPAR forecasts for 2Q26 to +3.0% (from +1.8%) driven by stronger US trends and less pronounced Middle East impact.
• 2.Maintained Buy rating with raised 12-month price target of $190, citing improved net unit growth momentum and EPS compounding algorithm.

Table of Contents

• Summary of RevPAR trackers by region
• Our IHG thesis in charts
• Estimate changes
• IHG valuation and risks
• IHG investment thesis
• Disclosure Appendix

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