In a report published Thursday, MLV & Co analyst Ryan Meliker downgraded the rating on Host Hotels and Resorts Inc HST from Buy to Hold, but reiterated the $26.00 price target.
In the report, MLV & Co noted, “Our HST downgrade to HOLD from BUY is driven by a current valuation that no longer offers the robust returns we had been expecting prior. We continue to like Lodging stocks and appreciate HST's operating leverage relative to other largecap Lodging REITs, but we believe that at current valuations expectations are high, particularly given the company's above-average 40% Group exposure. We are maintaining our $26 year-end price target, which implies just 9.6% upside to the shares.”
Host Hotels and Resorts closed on Wednesday at $23.72.
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