BofA analyst Dany Asad downgraded Park Hotels & Resorts to Underperform from Neutral with a price target of $11, down from $11.50. Park has navigated several challenges in the last 12-24 months, but the firm thinks Park faces more headwinds, including higher international inbound exposure, less labor and cost flexibility, potentially incremental capex needs and a high current dividend payout ratio, the analyst tells investors.
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