Wells Fargo raised the firm’s price target on Park Hotels & Resorts to $18 from $17 and keeps an Equal Weight rating on the shares. Discussing the lodging space, Wells notes that while its 2024 EBITDA is in line with consensus, its Q1 is 4% below, likely on heavier expense assumptions in the soft RevPAR quarter. The firm’s sense is that management teams intend 2024 guides to be conservative, but will likely lean towards fair.
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