Jefferies downgrades Whitbread, upgrades IHG
By Michele Maatouk
Date: Friday 12 Dec 2025
(Sharecast News) - Jefferies downgraded Whitbread to 'hold' from 'buy' on Friday as it applied the reverse upgrade to InterContinental Hotels.
The bank said that at a time when growth is limited across the consumer industry, it views hotels as an attractive place, offering a positive short- and medium-term set-up, and with revenue per available room not the primary driver anymore.
Jefferies said it favours buy-rated Accor, which is its 'top pick', and IHG, "on beyond RevPar growth and attractive capital allocation, sustaining a double digit growth algo".
As far as Whitbread is concerned, it cited downside risks from UK headwinds, partially offset by valuation.
The bank cut its price target Premier Inn owner Whitbread to 2,100p from 3,100p, but lifted its price target on IHG to 11,400p from 8,700p.
At 1010 GMT, Whitbread shares were down 1% at 2,380p, while IHG was up 2.5% at 10,305p.
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