Morgan Stanley analyst Stephen Grambling lowered the firm’s price target on Xenia Hotels to $11 from $12 and keeps an Underweight rating on the shares. The firm’s latest company RevPAR tracker showed most of the lodging C-Corps trending below consensus 2Q estimates in North America, but international trends should act as an offset for several of them, the analyst tells investors in a lodging group note. Morgan Stanley continues to prefer lodging C-Corps over REITs in the current environment given C-Corp’s less cyclical business model and lower operating and financial leverage, the analyst added.
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