Truist analyst C. Patrick Scholes keeps a Buy rating and $13 price target on Playa Hotels & Resorts (PLYA) while noting that the firm sees a “greater likelihood than not” that the transaction will with Hyatt (H) will be completed. Hyatt currently owns 9.9% of PLYA shares and owns the brand on several of PLYA’s hotels, while it no surprise that Playa is an interested seller as they have telegraphed for the past several years that they believe shares are undervalued on the public market, the analyst tells investors in a research note.
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