BofA analyst Ronald Leung lowered the firm’s price target on H World Group to $46 from $51 and keeps a Buy rating on the shares ahead of the company’s Q4 due on Wednesday, March 20. The firm assumes EBITDA margins decline quarter-over-quarter due to operating deleverage from a 14% quarter-over-quarter revenue decline and potentially higher costs due to bonus accruals, the analyst tells investors in a preview. The firm expects management to guide FY24 revenue to grow at mid-single to high-single digits based on a low-single digit blended RevPAR growth assumption, the analyst added.
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