Macquarie analyst Chad Beynon downgraded Playa Hotels & Resorts (PLYA) to Neutral from Outperform with a price target of $13.50, down from $16 after Playa announced an agreement to be acquired by Hyatt (H) for $13.50 per share in cash.
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Read More on PLYA:
- Morning Movers: Aluminum, steel stocks gain on planned 25% tariffs on imports
- M&A News: Hyatt Set to Acquire Playa Hotels in $2.6B Deal
- Hyatt to fund 100% of Playa acquisition with new debt financing
- Playa Hotels & Resorts to be acquired by Hyatt for $13.50 per share in cash
- Playa Hotels & Resorts extends exclusivity period with Hyatt
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