Truist analyst C. Patrick Scholes raised the firm’s price target on Pebblebrook Hotel (PEB) to $11 from $9 and keeps a Hold rating on the shares. The firm’s multiple raise is driven partly by improved San Francisco real estate sentiment and what it sees as further opportunities in market share gains given underinvestment in CapEx and service by other Upper Upscale hoteliers, even though Pebblebrook still faces relatively high leverage and several macro headwinds, the analyst tells investors in a research note.
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