Jefferies upgraded Choice Hotels (CHH) to Buy from Underperform with a price target of $156, up from $96, as a result of the company ceasing efforts to acquire Wyndham Hotels (WH). Choice this morning ended its attempt to acquire Wyndham and increased its stock buyback plan, notes the analyst, who sees the shares now reverting to strong lodging fundamentals as the deal risk is mitigated and thinks Choice shares should “recapture at least historical mid-range normalized valuation.”
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Read More on CHH:
- Choice Hotels Provides Update on Exchange Offer and Proposal to Acquire Wyndham Hotels & Resorts
- Choice Hotels particiipates in a conference call hosted by Truist
- Choice Hotels Proposes Acquisition of Wyndham Resorts
- Choice Hotels urges Wyndham Hotels & Resorts stockholders to tender shares
- Choice Hotels Urges Wyndham Stockholders to Tender Their Shares Before the March 8th Deadline
