Baird raised the firm’s price target on Choice Hotels (CHH) to $140 from $138 and keeps an Outperform rating on the shares. The firm noted they withdrew their offer to buy Wyndham Hotels (WH) and as the hostile takeover attempt has been a distraction for investors with all the focus on the risks and uncertainties, its valuation that is too discounted and investor sentiment that is too negative, should improve.
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Read More on CHH:
- M & A News: Choice (NYSE:CHH) Abandons Acquisition of Wyndham
- Choice provides update on Wyndham proposal, increases share repurchase program
- Choice Hotels Provides Update on Exchange Offer and Proposal to Acquire Wyndham Hotels & Resorts
- Wyndham Hotels & Resorts board sends letter to shareholders regarding directors
- Choice Hotels particiipates in a conference call hosted by Truist
