JPMorgan upgraded Sunstone Hotel to Neutral from Underweight with a price target of $10, up from $9. The firm said 2023 was a mixed year for gaming and lodging equities, with the former suffering from U.S. consumer concerns and China macro/geopolitical concerns, and the latter generally benefiting from positive earnings revisions and an appreciation of the compounding nature of same-store RevPAR, net rooms, and license fee growth for the C-corps.
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