Biden's New Budget Triggers Equity Market Drops
Skift Take
- Baird lowered their price target on Wyndham Hotels & Resorts to $86 from $88 while maintaining their Outperform rating.
- Barclays cut their rating on Hyatt Hotels to Equal Weight from Overweight. They cut their price target to $125 from $130. They upped Hilton to an Overweight rating from Equal Weight.
- Travel + Leisure Co. announced their upped their quarterly dividend per share to $0.45 per share from $0.40.
The DJIA fell 543 points while Nasdaq was down 238, the S&P 500 fell 74 points and the 10-year treasury yield was down .05 to 3.93%. There were a lot of reasons for the equity markets to go down today but the selling really accelerated after President Biden unveiled his budget. While the budget may have triggered selling, the concerns about banks should get a lot more attention right now. As for lodging stocks, if you own a lodging REIT that was not down -5% or more today, you did better than the majority. Overall in the lodging space, MCG and SOND took the top spot in the list, down -13% and -10% respectively. AHT was down -8%, PK and PEB were both down -7% and then we had H, VCSA, CLDT, HT, SVC, and INN down -6% each. RLJ, WH, HST, SHO, XHR and APLE were all down -5% on the day.
Baird lowered their price target on Wyndham Hotels & Resorts to $86 from $88 while maintaining their Outperform rating. Their reduc
