Baird lowered the firm’s price target on Choice Hotels to $134 from $137 and keeps an Outperform rating on the shares. The firm is maintaining itsbullish view but with a reduced conviction level as from a positive, total fees/revenues continue to grow, and management remains committed to returning capital to shareholders From a negative, the RevPAR backdrop is challenging, net unit is still sluggish, and elevated spending on growth initiatives is reducing free cash flow conversion.
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