Baird analyst Michael Bellisario upgraded Choice Hotels to Outperform from Neutral with a price target of $134, up from $133. The company’s earnings outlook is improving for 2023 and 2024 as uncertainties are "moving to the rearview mirror," the analyst tells investors in a research note. Last year was "noisy" for Choice due to deletions, a portfolio termination, and significant acquisitions and modeling surprises, the firm contends. However, all that is better reflected in the stock price and Choice’s valuation multiple, according to Baird. The firm’s call is that 2022’s moving pieces are in the rearview mirror and the company’s earnings outlook is attractive. Choice’s "strong balance sheet and relatively defensive attributes are positives today," it writes.
Published first on TheFly
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