Park Hotels & Resorts price target lowered to $13 from $15 at Wedbush

Wedbush analyst Jay Kornreich lowered the firm’s price target on Park Hotels & Resorts to $13 from $15 and keeps a Neutral rating on the shares. The preliminary hotel real estate investment trusts to report Q4 earnings and provide 2025 guidance “echoed a cautious tone,” the analyst tells investors in a research note. The firm says group demand is anticipated to remain strong while wide guidance ranges largely hinged on the performance of transient demand. Wedbush expects the first half of 2025 “could remain choppy” pending more clarity on the pace of inflation, interest rates, and health of the economy. However, with valuations “screening on the cheaper end,” the firm sees a potentially favorable setup for the hotel REITs once macro stability is seen.