Choice Hotels price target lowered to $120 from $135 at Truist

Truist analyst Patrick Scholes lowered the firm’s price target on Choice Hotels to $120 from $135 and keeps a Hold rating on the shares as part of a broader research note on the Lodging sector. The analyst is updating his models following the Q3 earnings season and to reflect his latest sector view. Scholes adds that he has held conversations with hotel owner/manager contacts and executives at very large travel agencies, who have observed some modest pressure on corporate bookings and pricing power over the past 45 days.