BUZZ-IHG: pipeline is king and co is lagging, says JPMorgan
** InterContinental Hotels (Other OTC: ICHGF - news) , which hit a 1-yr high in the previous session and is in grasp of a record, -2%
** JPMorgan downgrades to "underweight" v "neutral"; says hotel stocks can only perform in later stages of cycle, when accelerating supply growth puts pressure on RevPAR, if supply growth in turn fuels stronger room openings; IHG most at risk
** Also downgrades Accor (EUREX: 485822.EX - news) , to "neutral" v "overweight" (cons expectations appear too high), stock -2%
** Keeps "overweight" on Whitbread (LSE: WTB.L - news) , cuts TP to 4,400p v 4,850p (stock -1.4%) (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)