Choice Hotels price target lowered to $113 from $115 at Morgan Stanley

Morgan Stanley analyst Stephen Grambling lowered the firm’s price target on Choice Hotels (CHH) to $113 from $115 and keeps an Underweight rating on the shares. The firm raised estimates “modestly across the board” for its Gaming & Lodging coverage to reflect better Q1 results and roughly in-line guidance expectations and mark-to-market adjustments for higher multiples. Discounted valuations among the group suggest the market “still remains pessimistic near-term,” adds the analyst.