Morgan Stanley lowered the firm’s price target on Pebblebrook Hotel to $12 from $13 and keeps an Underweight rating on the shares. The firm’s latest company RevPAR tracker showed most of the lodging C-Corps trending below consensus 2Q estimates in North America, but international trends should act as an offset for several of them, the analyst tells investors in a lodging group note. Morgan Stanley continues to prefer lodging C-Corps over REITs in the current environment given C-Corp’s less cyclical business model and lower operating and financial leverage, the analyst added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>