Truist analyst C. Patrick Scholes lowered the firm’s price target on Pebblebrook Hotel to $16 from $18 and keeps a Hold rating on the shares. The analyst is updating the firm’s model to reflect the apparent headwinds in San Francisco conventions for 2024 and rising hotel-level cost headwinds, even though Truist views the company’s Q4 earnings call commentary on the EBITDA bridge as "reasonable, highly underappreciated, and possibly materially undermodeled".
Published first on TheFly
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