Hyatt price target lowered to $178 from $185 at Bernstein

Bernstein lowered the firm’s price target on Hyatt to $178 from $185 and keeps an Outperform rating on the shares. Weakness is most evident in China, U.S. and leisure travel, and yet stocks most exposed to those have held up the best, “likely a mistaken view” on online travel agencies and U.S. mainstream hotels being the sectors offering defensive protection, the analyst tells investors in a research note. Bernstein would prefer hotels over the online travel agencies post the Q2 reports, saying business travel is providing more certain sales momentum. The firm upgrades Marriott and Whitbread to Outperform “as the clearest disconnects.”