Hyatt price target raised to $111 from $107 at Barclays

Barclays analyst Brandt Montour raised the firm’s price target on Hyatt to $111 from $107 and keeps an Overweight rating on the shares. Heading into 2023, the macro backdrop for the U.S. gaming, lodging and leisure sector has worsened since Barclays’ initiation six months ago, Montour tells investors in a research note. However, the analyst still expects to see a strong preference among consumers for experiences, "driving a continued a shift of wallet toward travel." However, less pent-up demand, less savings for consumers and less confidence with the economic backdrop will collectively lead to more price sensitivity, contends Montour. He therefore shifts his positioning to incorporate some level of trade-down across most of the sub-sectors. Montour especially likes segment exposure with a high perceived value proposition, like cruise lines.