Goldman Sachs downgraded Hilton (HLT) to Neutral from Buy with a price target of $235, down from $296. The firm expects the recent macro volatility and consumer pressures to be a headwind to the “macro sensitive segments.” It sees the business models for Marriott and Hilton as best in class, with significant cash flow per share compounding and resilient balance sheets. However, with the stocks’ valuations still above 2016-2019, and consensus estimates “still too high,” the risk/rewards are more balanced here.
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