Wells Fargo lowered the firm’s price target on Choice Hotels to $113 from $122 and keeps an Underweight rating on the shares. The firm’s revised lodging models now reflect its economic outlook for a 1H24 recession, which results in ~6% EBITDA growth in 2024 over 2023, driven by unit growth, the analyst tells investors in a research note.
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Read More on CHH:
- Choice Hotels price target raised to $122 from $119 at Barclays
- Choice Hotels sees FY24 adjusted EBITDA up 10%
- Choice Hotels backs FY23 adjusted EPS view $5.70-$5.90, consensus $5.92
- Choice Hotels International Reaffirms 2023 Financial Outlook and Projects Continued Growth in 2024, Positioning the Company for Long-term Success
- Choice Hotels price target lowered to $127 from $134 at Morgan Stanley