B. Riley lowered the firm’s price target on Braemar Hotels & Resorts to $2.50 from $3 and keeps a Neutral rating on the shares. Braemar’s luxury and upscale leisure hotels’ RevPAR continues to decline off tough comps, and the firm expects continued leisure RevPAR softness, partially offset by urban RevPAR growth, but “anemic” EBITDA growth, the analyst tells investors in a research note.
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