Hyatt price target lowered to $173 from $188 at Bernstein

Bernstein lowered the firm’s price target on Hyatt (H) to $173 from $188 and keeps an Outperform rating on the shares following the Q4 report. The firm says it is “hard to justify” Hyatt’s 9% drop post earnings on fundamentals alone. The company’s 7% Q4 EBITDA miss and fiscal year guide 4% below consensus can be explained by a bigger disposal impact than modeled and misses in the less-core Distribution business, the analyst tells investors in a research note. Bernstein expects estimate upgrades to Hyatt’s room growth and RevPAR guides through the year.