Jefferies Lowers Price Target From $32 to $31 on Choice Hotels Int'l

Jefferies and Company lowered its Price Target today on shares of Choice Hotels Int'l (CHH) from $32 to $31. While CHH reported slightly higher than expected RevPAR we believe the company will not benefit as much from RevPAR growth compared with owners and managers of hotels. The company's primary driver is unit growth, which should remain sluggish in the near term. As a result of limited growth opportunities for limited service and persistent pressure on lower end leisure consumers, we believe it is prudent to maintain our Underperform. Shares of Choice Hotels Int'l closed at $37.38 on Friday.