Wells Fargo Adjusts Ratings for Hotel REITs
Skift Take
Wells Fargo adjusted ratings and price targets for several hotel stocks, upgrading some while cutting price targets for others.
The DJIA was up 297 points on Friday while Nasdaq rose 114, the S&P 500 was up 30 points, and the 10-year treasury yield was down .03 to 3.65%. Lodging stocks were higher although the only big mover was to the downside as SOND fell -7% on the day.
Wells Fargo upped Xenia Hotels to Overweight from Equal Weight while lowering their price target to $15 from $16. Sunstone Hotels was upped to Equal Weight from Underweight with a $10.50 price target. WF cut their rating on RLJ Lodging Trust to Underweight from Equal Weight, cutting their target price to $9 from $11. WF cut Service Properties Trust's target price to $4 from $5 while maintaining their Underweight rating, Ryman Hospitality's PT was cut to $115 from $127 while maintaining their Overweight rating and Pebblebrook Hotel Trust's target price was cut to $13 from $15. WF maintained their Equal Weight rating. Final
