Choice and Wyndham Maintain Baird’s Outperform Ratings
Skift Take
- DJIA and S&P 500 rose, Nasdaq was up, and the 10-year treasury yield decreased.
- Airbnb Co-founder Joe Gebbia sold over $1 billion worth of stock, while ABNB reached a 52-week high.
- U.S. hotel RevPAR increased, new hotel constructions and acquisitions were announced, and a hotel opening was delayed in Portland.
The DJIA rose 109 points while Nasdaq was up 4, the S&P 500 rose 11 points and the 10-year treasury yield was down another .05 to 3.74%. Lodging stocks were modestly lower on the day. The biggest percentage mover was VCSA, down -7% while ABNB rose to another 52 week high.
Baird gave a 2Q earnings preview, maintaining their Outperform ratings on Choice Hotels and Wyndham despite saying RevPAR growth in the lower-end chain scales has slowed more than expected. Baird lowered top line growth assumptions for 2Q23 and 2H23 but said they believe the tougher near term comparisons and slower fundamental backdrop normalizes/moderates in 2024 when company-specific growth drivers should be better appreciated by the investment community.
The Irish Independent decided to publish an article on how Joe Gebbia, the co-founder of Airbnb, sold more than $1 billion worth of stock this year, the most recent be
