Hilton price target lowered to $232 from $237 at Wells Fargo

Wells Fargo lowered the firm’s price target on Hilton (HLT) to $232 from $237 and keeps an Equal Weight rating on the shares. The firm notes Hilton Q3 EBITDA beat by 2%, reflecting upside Owned/leased and timing items, while gross fees were in-line. Unsurprisingly, Q4 RevPAR is now seen lower at +1%-2%, but importantly, FY25 NUG remains intact, Wells adds.