Jefferies upgraded Park Hotels & Resorts to Buy from Hold with a price target of $21, up from $14. The company’s removal of its San Francisco assets “provide for a shift to offense from defense,” the analyst tells investors in a research note. The return of the two San Francisco assets to their lender reduces Park’s market exposure to 3% from 14% which is a positive, as the city faces a prolonged recovery, the analyst tells investors in a research note. The firm says the decision provides an immediate RevPAR lift.
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