Hilton downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Duane Pfennigwerth downgraded Hilton to In Line from Outperform with a $200 price target. Since late October, Hilton stock is up 32%, notes the analyst. While the earnings growth story is still intact, the firm believes a bull-case scenario in 2024 of low teens EBITDA growth is fairly priced at current levels. While the firm fully acknowledges its “very high-quality level, organic-focused unit growth story,” it notes Upper Midscale/Midscale domestic RevPAR weakening exiting 2023, the analyst added.