Sunstone Hotel price target lowered to $11 from $12 at Compass Point

Compass Point lowered the firm’s price target on Sunstone Hotel to $11 from $12 and keeps a Neutral rating on the shares after the company reported normalized FFO of 28c per share, beating the firm’s estimate and consensus by 1c. However, management reduced its 2024 outlook to account for disruption at Marriott Long Beach and expected softness at its Wailea Beach Resort in Maui, notes the firm, which is lowering both its 2024 and 2025 estimates as a result.