Hyatt downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Lizzie Dove downgraded Hyatt (H) to Sell from Neutral with a price target of $110, down from $150 The firm firm cites the increasingly uncertain demand backdrop for the downgrade, saying Hyatt is one of the most macro-sensitive stocks in its coverage. Goldman appreciates the company’s shift to asset light fees over the last few years, but is “slightly more cautious” versus peers due to Hyatt’s higher mix of management contracts, China exposure, and more limited embedded growth in the in-construction pipeline.