Service Properties price target lowered to $5.75 from $7.50 at Wells Fargo

Wells Fargo lowered the firm’s price target on Service Properties to $5.75 from $7.50 and keeps an Underweight rating on the shares. Discussing the lodging space, Wells notes that while its 2024 EBITDA is in line with consensus, its Q1 is 4% below, likely on heavier expense assumptions in the soft RevPAR quarter. The firm’s sense is that management teams intend 2024 guides to be conservative, but will likely lean towards fair.