Analyst Consensus ?
ConsensusHold23 ratings
Bullish1252.2%
Neutral1043.5%
Bearish14.3%
InterContinental Hotels Group PLC · IHG · FY2023 Q4 · Calendar Q1 2024
IHG: Pipeline Growth and Fee-Margin Expansion Remain Central
The supplied analysis supports a constructive but qualified view of IHG's growth framework: a large, asset-light pipeline and expanding fee and ancillary revenue streams may support earnings, while demand softness and execution risks require monitoring.
Reported Before market openNYSEConsumer Cyclical
$22.66B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.05
Consensus —
EPS surprise
—
Reported versus consensus
Reported revenue
$1.16B
Consensus —
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+8.5%
Event window
SPY move
-0.6%
Same window
Abnormal move
+9.1%
Stock minus SPY
Volume
3.5×
Versus trailing sessions
Subsequent drift
-1.5%
Up to 20 sessions
IHGSPY benchmark
Ask FN2 about IHG FY2023 Q4
Transcript, numbers and history already loaded
What drove IHG's +8.5% move after FY2023 Q4 earnings?What changed in IHG's guidance and outlook in FY2023 Q4?Give me the bull and bear case for IHG after FY2023 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis places greater emphasis on the nearly 300,000-room pipeline, fee-margin expansion, ancillary revenue, technology upgrades, and luxury and lifestyle development; the prior analysis emphasized RevPAR momentum, system growth, and a new mid-scale conversion brand.
Guidance delta
Management guidance sentiment was maintained; the analysis highlights a medium-term EPS growth target of 12–15%.
Key takeaways
- Management emphasized a nearly 300,000-room pipeline, conversion-led expansion, and growth in luxury and lifestyle brands.
- Fee-margin expansion, ancillary revenue streams, and high cash conversion underpin the earnings outlook in the analysis.
- U.S. RevPAR softness, macro pressure, and execution across new brands and regions remain key watchpoints.
Management priorities
- Expand the hotel pipeline through conversions, luxury and lifestyle brands, and franchise growth.
- Scale IHG One Rewards, co-branded cards, branded residences, and other ancillary revenue channels.
- Upgrade revenue-management and property-management systems while continuing sustainability initiatives.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$167.77Current
$145Low
$166.67Average
$195High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Jefferies | Buy | Buy | Maintain | Jun 26, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | May 15, 2026 |
| Morgan Stanley | Equal Weight | Underweight | Upgrade | Oct 1, 2025 |
| JP Morgan | Overweight | Underweight | Upgrade | Sep 26, 2025 |
| Deutsche Bank | Hold | Sell | Upgrade | Apr 14, 2025 |
| Barclays | Overweight | Equal Weight | Upgrade | Nov 15, 2024 |
| Societe Generale | Hold | Buy | Downgrade | Feb 7, 2024 |
| UBS | Buy | Neutral | Upgrade | Jan 5, 2022 |
| Berenberg | Buy | Hold | Upgrade | Sep 17, 2021 |
| SunTrust Robinson Humphrey | Neutral | Neutral | Maintain | Nov 25, 2020 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Nov 25, 2020 |
| Raymond James | Underperform | Market Perform | Downgrade | Nov 25, 2020 |
| Oriel | Buy | Hold | Upgrade | Nov 25, 2020 |
| Numis Securities | Buy | Hold | Upgrade | Nov 25, 2020 |
| MKM Partners | Buy | Neutral | Upgrade | Nov 25, 2020 |
| Investec | Buy | Hold | Upgrade | Nov 25, 2020 |
| Goldman Sachs | Neutral | Buy | Downgrade | Nov 25, 2020 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Nov 25, 2020 |
| Credit Suisse | Neutral | Outperform | Downgrade | Nov 25, 2020 |
| Citigroup | Neutral | Buy | Downgrade | Nov 25, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Nov 25, 2020 |
| Baird | Neutral | Outperform | Downgrade | Nov 25, 2020 |
| B of A Securities | Buy | Buy | Maintain | Oct 20, 2017 |
Named analyst price targets
Upside is calculated against the persisted current price $167.77. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Jarrod Castle | $188 | $155.27 | +12.1% | Sep 2, 2026 |
| Berenberg Bank | Analyst unavailable | $178 | $163.25 | +6.1% | Aug 27, 2026 |
| Deutsche Bank | Analyst unavailable | $145 | $164.98 | -13.6% | Jul 10, 2026 |
| Jefferies | Analyst unavailable | $195 | $174.13 | +16.2% | Jun 25, 2026 |
| Goldman Sachs | Analyst unavailable | $188 | $162.97 | +12.1% | Jun 10, 2026 |
| Bernstein | Richard Clarke | $154 | $149.92 | -8.2% | May 15, 2026 |
| Morgan Stanley | Analyst unavailable | $145 | $140.69 | -13.6% | Feb 25, 2026 |
| UBS | Analyst unavailable | $150 | $146.31 | -10.6% | Feb 20, 2026 |
| Berenberg Bank | Jack Cummings | $157 | $139.21 | -6.4% | Jan 20, 2026 |
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Start freeCompany context
Snapshot as of publicationInterContinental Hotels Group PLC (IHG) is a prominent global hospitality enterprise whose business model encompasses the ownership, management, franchising, and leasing of hotel properties. Its extensive operations span diverse geographic regions, including the Americas, Europe, Asia, the Middle East, Africa, and Greater China. The company boasts a comprehensive portfolio of renowned hotel brands, offering options across various segments.…
Historical context
All IHG earningsLatest beats and misses
Who reports nextBeat on EPS
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
- Polygon adjusted daily market bars · 2026-10-18T03:50:40.964007+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T03:50:40.961192+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.