Summit Hotel Properties downgraded to Underperform at BofA

As previously reported, BofA analyst Dany Asad downgraded Summit Hotel Properties (INN) to Underperform from Neutral with a price target of $4.50, down from $5.75. While low end softness and the government shutdown have outsized impacts on select service brands, the firm is also increasingly concerned about a K-shaped recovery weighing on corporate demand, the analyst tells investors. Following the last two weeks’ earnings reports, the firm is incrementally more cautious on the near-term RevPAR outlook among its lodging coverage, the analyst tells investors.