Hyatt price target raised to $169 from $164 at Truist

Truist analyst C. Patrick Scholes raised the firm’s price target on Hyatt to $169 from $164 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results for Lodging names. Since companies last reported in late July-early August, macro/RevPAR trends have generally been as expected, with U.S. RevPAR up low-single digits y/y, Europe outperforming the U.S., and China continuing to be very weak, the analyst tells investors in a research note. Group/convention continues to be the material outperformer followed by Corporate individual business travel, but Leisure is remaining “solidly mediocre”, with upper-end Leisure outperforming the lower-end, the firm added.