Stifel upgraded Pebblebrook Hotel (PEB) to Buy from Hold with a price target of $15, up from $14.74. Certain West Coast markets have struggled in 2024, including San Francisco, Los Angeles, and Portland, and all three markets have had a 600 bps negative drag on 2024 RevPAR, but the recent market commentary from Pebblebrook as well as its peers indicates that these markets are beginning to show signs of improvements, setting up for a more positive 2025, the analyst tells investors in a research note. Group demand for 2025 is very strong, with group room nights currently ahead by 6.2% year-over-year, ADR – average daily rate – up by 2.2% y/y, and total group revenue on the books up by 8.5% compared to the same time last year, the firm adds.
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