Hilton price target lowered to $223 from $251 at Truist

Truist lowered the firm’s price target on Hilton (HLT) to $223 from $251 and keeps a Hold rating on the shares after its Q1 results and guidance. The company’s international exposure and new brands help, but the firm has reduced its managed and franchise multiple assumption by 100 bps as Hilton’s C-Corp algorithm looks impaired for now, the analyst tells investors in a research note.