Wells Fargo downgraded Service Properties (SVC) to Equal Weight from Overweight with a price target of $2.50, down from $3. The firm believes execution on the company’s hotel sales is already priced into the shares. Wells sees “moderate” post-renovation hotel earnings growth and net lease headwinds for Service Properties. In addition, the company faces $3.1B of maturities through 2029, the analyst tells investors in a research note.
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