Wells Fargo Ups Price Targets on Lodging Stocks
Skift Take
- Stock market performance: DJIA was up 86 points, Nasdaq up 158 points, and S&P 500 rose 33 points, while lodging stocks mostly declined.
- Wells Fargo raised target prices on lodging stocks, including RHP, APLE, HST, and DHR, maintaining their ratings.
- Various hotels underwent renovations, including Courtyard Louisville Airport and Chancellor's House Hotel, while new hotels were announced, such as the Hampton Inn & Suites in Pittsburgh and Riversuites in Philadelphia.
The DJIA ended the day up 86 points, a bit of a disappointment after this morning. Nasdaq was up 158, the S&P 500 rose 33 points and the 10-year treasury yield plunged -.12 to 3.86%. Lodging stocks for the most part were lower on the day. SOHO was the big mover, up 13% while MAR traded up to a new high before ending the day with some profit-taking.
Wells Fargo upped target prices on the lodging stocks in their coverage while maintaining their ratings. RHP was upped to $107 from $96, APLE was upped to $18 from $17, HST was upped to $21 from $18 and DHR was upped to $10 from $9, all Overweight rated stocks. Among the lodging names rated Equal Weight, RLJ’s price target was upped to $11 from $10.50, PK went to $15 from $13, SHO was upped to $11 from $9.50, PEB was upped to $15 from $14.50 and XHR’s PT was raised to $14 from $13.50.
STR reported US lodging data for the week ended 7/8. US hotel RevPAR fell -1.2% for the week with occupancy do
