InterContinental Hotels Group PLC (IHG) shares have hit a record high of $114.24, marking a strong recovery in the travel sector. IHG’s stock value has risen by 58.47% over the past year, showcasing the company’s resilience and effective strategies during tough economic times.
Recently, IHG has initiated a share buyback program to enhance shareholder value, buying back shares on the London Stock Exchange. Additionally, the company launched a £4 billion Euro Medium Term Note Programme and declared a 40.8 pence interim dividend for 2024, indicating solid financial performance.
Goldman Sachs upgraded IHG’s rating from ‘Neutral’ to ‘Buy’, predicting a 15.1% annual growth rate in earnings from 2023 to 2028 due to potential revenue growth. In its latest earnings call, IHG reported positive revenue growth and plans to open over 7,000 new rooms this year.
InvestingPro Insights
InvestingPro’s data supports IHG’s impressive stock performance, noting it trades near its 52-week high with a total return of 60.88% in the past year. However, the current P/E ratio of 28.91 suggests the stock might be overvalued, and its RSI indicates potential overbought conditions.
Those interested in a deeper analysis can check InvestingPro for more insights on IHG’s financial health.
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