INTERCONTINENTAL HOTELS GROUP
Investec has upgraded its guidance on the hotel company from a “hold” to a “buy” after it sold its luxury Park Lane hotel. The broker said the cash from the deal would allow InterContinental to hand back more money to shareholders, as it upped its price target from 2,000p to 2,100p. The company sold the InterContinental London Park Lane to a Middle Eastern investor for £302m last week.
Analysts at Panmure Gordon have downgraded the company, which makes plastic packaging for thousands of consumer products from food to toiletries. Panmure has cut RPC’s rating from a “buy” to a “hold” and reduced its target price from 491p to 466p after the firm warned last week that a tough market and higher resin prices would hit growth over the next year.
UBS has cut the world’s largest inter-dealer broker’s target price after a downbeat trading update on Wednesday. The bank says that continued poor trading as well as a number of headwinds could force Icap to cut its dividend. Last week, Icap said that trading in March had suffered after an improved start to 2013, and UBS warned of the impact of a US Libor investigation and a potential financial transactions tax.