Raymond James analyst William Crow downgraded Sunstone Hotel to Underperform from Market Perform without a price target. Sunstone’s Q3 results were disappointing, and concerns persist that that 2022 may represent a near-term peak for RevPAR at luxury resorts, Crow tells investors in a research note. While the company’s urban market presence should deliver improved growth in 2023, the slowing tech economy and broader macro concerns remain overhangs, the analyst contends.
Published first on TheFly
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