Analyst Consensus ?
ConsensusBuy22 ratings
Bullish1254.6%
Neutral940.9%
Bearish14.5%
1 unmapped firm rating excluded from the percentages.
InterContinental Hotels Group PLC · IHG · FY2024 Q2 · Calendar Q3 2024
IHG: RevPAR Growth and System Expansion Support the Outlook
The supplied analysis supports a constructive but conditional view: resilient fee growth, room signings, system expansion and loyalty investments provide support, while U.S. leisure softness, China RevPAR and cash-conversion pressures are the main tests.
Reported Before market openNYSEConsumer Cyclical
$22.66B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus —
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus —
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.1%
Event window
SPY move
+0.9%
Same window
Abnormal move
-0.8%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
+3.8%
Up to 20 sessions
IHGSPY benchmark
Ask FN2 about IHG FY2024 Q2
Transcript, numbers and history already loaded
What drove IHG's +0.1% move after FY2024 Q2 earnings?What changed in IHG's guidance and outlook in FY2024 Q2?Give me the bull and bear case for IHG after FY2024 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the analysis shifts from the launch of System Fund changes and the NOVUM agreement to realized H1 performance: 3% RevPAR growth, 3.2% net system growth, 180 basis points of fee-margin expansion and a temporary cash-conversion dip tied to System Fund spending.
Guidance delta
Maintained; management remained confident in the full-year outlook.
Key takeaways
- H1 RevPAR grew 3%, while net system size increased 3.2% and gross system size 4.9%.
- Record signings of 57,000 rooms and the NOVUM pipeline support continued expansion.
- Fee margin increased 180 basis points and EPS grew 12%, while free-cash-flow conversion was about 80% as the company spent down a system-fund surplus.
Management priorities
- Reinvest the System Fund surplus in marketing, the mobile app, revenue management and loyalty.
- Expand in target markets including Japan, India, Saudi Arabia and Germany.
- Continue brand and loyalty investments while maintaining shareholder returns.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$160.54Current
$145Low
$166.67Average
$195High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 7, 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 | Hold | Upgrade | Dec 12, 2025 |
| 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 |
| Bernstein | Underperform | Upgrade | Jan 10, 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 $160.54. 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 | +17.1% | Sep 2, 2026 |
| Berenberg Bank | Analyst unavailable | $178 | $163.25 | +10.9% | Aug 27, 2026 |
| Deutsche Bank | Analyst unavailable | $145 | $164.98 | -9.7% | Jul 10, 2026 |
| Jefferies | Analyst unavailable | $195 | $174.13 | +21.5% | Jun 25, 2026 |
| Goldman Sachs | Analyst unavailable | $188 | $162.97 | +17.1% | Jun 10, 2026 |
| Bernstein | Richard Clarke | $154 | $149.92 | -4.1% | May 15, 2026 |
| Morgan Stanley | Analyst unavailable | $145 | $140.69 | -9.7% | Feb 25, 2026 |
| UBS | Analyst unavailable | $150 | $146.31 | -6.6% | Feb 20, 2026 |
| Berenberg Bank | Jack Cummings | $157 | $139.21 | -2.2% | Jan 20, 2026 |
Track every rating change on IHG the moment it posts. Free to start.
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 earningsConsumer Cyclical peers this season
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|---|---|---|---|---|
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| LEN-B Lennar Corporation | FY2026 Q3 · Calendar Q3 2026 | — | — | Lennar: Efficiency Gains Offset Housing-Market Pressures |
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Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the IHG recap when the next report posts
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 · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-06T23:50:42.786798+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-06T23:50:42.783831+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 2026-10-06. For educational purposes only; not investment advice.