Pebblebrook Hotel price target raised to $16 from $15 at Truist

Truist raised the firm’s price target on Pebblebrook Hotel to $16 from $15 and keeps a Hold rating on the shares. 2024 should be a transitionary year for Pebblebrook, driven by an improved macro in some lagging urban markets and by the eventual EBITDA expansion of several repositioned/renovated hotels, the analyst tells investors in a research note. Truits “remains optimistic” that the considerable CapEx in recent years will drive incremental EBITDA in 2024, the firm added.