Evercore ISI analyst Duane Pfennigwerth downgraded Hyatt to In Line from Outperform with a $135 price target. Hyatt shares increased 44% in 2023 and is up 32% since late October, notes the analyst. Asset sell-down and conversion to more asset-light earnings is key this year, but could hold back EBITDA growth in the near-term, the analyst tells investors.
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