Park Hotels & Resorts initiated with a Hold at HSBC

HSBC analyst Meredith Jensen initiated coverage of Park Hotels & Resorts with a Hold rating and $13 price target. The pandemic accelerated shifts in lifestyle, technology, and behaviors that are shaping travel and leisure and fueling growth, the analyst tells investors in a research note. The firm says innovation and digital commerce are driving “operating model convergence and a broadening of the competitive landscape.” It initiated 13 names in U.S. travel and leisure sector, favoring names “that leverage scale and a differentiated brand to drive sustainable cash generation.”