Hyatt price target raised to $127 from $113 at Wells Fargo

Wells Fargo analyst Dori Kesten raised the firm’s price target on Hyatt to $127 from $113 and keeps an Equal Weight rating on the shares. The firm’s revised lodging models now reflect its economic outlook for a 1H24 recession, which results in ~6% EBITDA growth in 2024 over 2023, driven by unit growth, the analyst tells investors in a research note.