Wyndham Hotels initiated with a Neutral at Mizuho

Mizuho analyst Ben Chaiken initiated coverage of Wyndham Hotels (WH) with a Neutral rating and $71 price target While the company has a “high-quality asset-light business,” structural challenges to its net rooms growth and RevPAR, specifically at the low end of chain scales, will continue to pressure its growth algorithm and prevent stock multiple expansion from current levels, the analyst tells investors in a research note.