SunTrust analyst C. Patrick Scholes lowered his price target on Choice Hotels to $80 and kept his Hold rating after its Q3 revenue came in below expectations. The analyst also assigns his price target based on the 14-times forward EBITDA multiple, but has a positive view of the company's expected unit and room growth rate accelerating in 2019. Scholes adds that the expectations of accelerated growth are "important" in the context of "rising construction costs, increasing concerns from developers about cycle timing, and competition in the midscale segment from new competitive brands."