Morgan Stanley analyst Stephen Grambling downgraded Host Hotels to Underweight from Equal Weight with a price target of $15.50, down from $19. The firm cites weakening demand in several of Host’s key markets, higher supply than peers and what it sees as a “less compelling valuation” than for the group. The firm’s latest company RevPAR tracker showed most of the lodging C-Corps trending below consensus 2Q estimates in North America, but international trends should act as an offset for several of them, the analyst tells investors in a lodging group note.
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