Hyatt price target lowered to $164 from $168 at Macquarie

Macquarie lowered the firm’s price target on Hyatt to $164 from $168 and keeps an Outperform rating on the shares. The company’s Q2 EBITDA was 2% below consensus and management noted a tough Q3 leisure comp given airline disruptions, hotel renovations and more normalized seasonality, but expects a nice rebound in Q4 the analyst tells investors in a research note. The firm says Hyatt remains on track to realize its $2B asset sell-down commitment.