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BUZZ-InterContinental: upgraded by BofA ML

Reuters - UK Focus

** InterContinental Hotels (Other OTC: ICHGF - news) boosted by BofA ML upgrade to "buy" vs "neutral"

** Broker cites quality growth & widened valuation gap vs US peers

** IHG on 12-mth fwd PE of 23x vs Hilton on 34, & Marriott Starwood on 27, according to Thomson Reuters data

** BofA ML sees scope for surplus capital returns (>10 pct of market cap) to reflect completion of IC Paris sale & potential Hong Kong asset disposal (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)