Pebblebrook Hotel price target raised to $14 from $13 at Wells Fargo

Wells Fargo raised the firm’s price target on Pebblebrook Hotel to $14 from $13 and keeps an Equal Weight rating on the shares. The firm expects RevPAR growth for the lodging REITs to be +1.8% in 2024, with EBITDA +1.5% as operating expenses of 3%-5% are partially offset by the reduction of renovation disruption for some, the analyst tells investors in a research note. The firm sees group revenue growth solidly outpacing transient in 2024.