Hyatt initiated with bullish view at Wells Fargo, here’s why

Wells Fargo initiated coverage of Hyatt Hotels with an Overweight rating and $138 price target, implying 15% upside. The firm views the company’s ongoing asset-light transition as highly accretive. Hyatt has exposure to group and high-end leisure, which will outperform lower chain scales in 2024, the analyst tells investors in a research note. The firm sees a “reasonable” valuation at current share levels.