Hyatt downgraded to Neutral from Buy at Redburn Atlantic

Redburn Atlantic downgraded Hyatt to Neutral from Buy with a price target of $130, up from $120. Hyatt “has carried an unfair discount to peers” as investors put less value on the owned estate than the company was realizing, but this discount closed in 2023 due to improved clarity on disposals, the analyst tells investors in a research note. After the recent move the shares now trade in line with peers, and with a view that pricing could weaken for the sector, Redburn downgrades the stock.