Citi opened a “90-day negative catalyst watch” on shares of Park Hotels & Resorts while keeping a Buy rating on the shares with a $20 price target. The firm has concerns around moderating leisure demand. The company’s commentary around some moderation in near-term leisure trends and guidance at the lower end of its Q2 3%-5% RevPAR range could weigh on shares before improving results in the second half of 2024, the analyst tells investors in a research note. Citi still sees a “compelling valuation and a number of longer-term positives” for Park Hotels.
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