Wyndham Hotels & Resorts initiated with a Buy at Deutsche Bank

Deutsche Bank analyst Steven Pizzella initiated coverage of Wyndham Hotels & Resorts with a Buy rating and $79 price target. The recent underperformance in the shares is overdone and primarily related to regional banking concerns on funding availability for development growth, the analyst tells investors in a research note. The firm believes the underperformance offers investors an entry point into a "relative outperformer, with numerous value drivers." It believes fears over Wyndham’s net unit growth outlook and pipeline are overdone.