Wedbush analyst Richard Anderson lowered the firm’s price target on Pebblebrook Hotel (PEB) to $9 from $12 and keeps an Underperform rating on the shares. The firm notes that amidst the uncertainty surrounding the economy and current global affairs, hotel REITs generally produced Q1 earnings ahead of bleak expectations. Reduced government travel is weighing on various portfolios, softness is expected from ITYFTY group demand, and the macro-outlook remains unclear, Wedbush says. Due to this uncertainty, the firm is lowering its EBITDA multiples roughly half a turn on average.
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