Business Travel May Be Back, Mostly?
Skift Take
- B.Riley maintained its Neutral rating on Ashford Hospitality but lowered its price target from $12 to $9.
- The Heard on the Street Column from the Wall Street Journal today focused on business travel, a positive article on how it is back with the potential to be better than ever.
- A company called CorpHousing Group Inc., which is engaged in the short-term rental of hotel units to guests across major metropolitan cities in the US, priced an IPO of 3,375,000 shares.
The DJIA rose 151 points, Nasdaq was up 81, the S&P 500 was up 17 points and the 10-year treasury yield was down .06 to 2.79%. Lodging stocks were mixed on the day. VCSA was the big gainer again, up another 9%, while HT was up 6%.
B.Riley maintained its Neutral rating on Ashford Hospitality but lowered its price target from $12 to $9.
The Heard on the Street Column from the Wall Street Journal today focused on business travel, a positive article on how it is back with the potential to be better than ever. Then they disclosed that opinion was from travel executives, following it up with the negative that the boom might not last. Hilton and Marriott had different opinions on the pickup, with HLT believing the deteriorating economy has more companies sending out their employees to hustle and get more business. Marriott said bleisure is driving the increase in business trips. There are plenty,
