Baird Expresses Concerns About a Softening in Demand
Skift Take
Hotel industry analysts at Baird expressed caution about softening March demand trends, noting that U.S. RevPAR growth is tracking over 200 basis points below initial expectations.
The DJIA rose 598 points, the Nasdaq surged 2.27%, or 405 points, the S&P 500 was up 100 points, and the 10-year treasury yield was up .08 to 4.33%. Lodging stocks were mostly all higher today in a nice rebound. SOHO traded down to a new all-time low.
Redburn Atlantic upgraded its rating on Wyndham Hotels to Buy from Neutral with a $115 price target. It also upped its rating on Choice Hotels, becoming less bearish with a new Neutral rating, up from its prior Sell rating. Redburn’s price target on CHH is $132.
Keybanc cut their Xenia Hotels & Resorts price target to $16 from $17. They maintained their Overweight rating.
Baird gave their takeaways from the Hunter Hotel Investment Conference. They came away with the view that the tone included signs of caution, murky views, and uncertainty. They heard recession said the most, and they believe the fundamental backdrop is changing quickly and weighing on confidence and o
