Park Hotels & Resorts price target lowered to $19 from $20 at Evercore ISI

Evercore ISI lowered the firm’s price target on Park Hotels & Resorts to $19 from $20 and keeps an Outperform rating on the shares following the Q2 earnings season. Lodging REITs generally exceeded the firm’s Q2 EBITDA estimates, and while one-time items contributed, hotels generated higher out-of-room spend and executed better cost controls, the analyst tells investors in a research note. Park still sees roughly 3% RevPAR growth in 2H, leaning on group pacing/ convention calendar strength, the firm notes.