RLJ Lodging upgraded to Outperform on urban exposure at Oppenheimer

Oppenheimer analyst Tyler Batory upgraded RLJ Lodging Trust to Outperform from Perform with a $13 price target. The analyst expects the company’s group segment and urban markets to outperform real estate investment trust averages. RLJ’s portfolio should also benefit from several conversions, improving business travel, and elevated levels of group demand, the analyst tells investors in a research note. The firm sees the popularity of remote work is also a thematic tailwind for group meetings and urban markets.