Citi analyst Nick Joseph downgraded Park Hotels & Resorts to Neutral from Buy with a price target of $12, down from $13. The firm is turning more cautious due to an increasingly tepid RevPAR environment, potential for continued pullback in consumer travel, and challenging transaction environment that are “likely to weigh on valuation in the near term”, the analyst tells investors in a research note. Citi adds however that these risks are partially offset by current dividend yield at over 8%, easing y/y comparisons given Q4 labor stoppages, and a potentially more constructive interest rate environment.
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