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Fly News Breaks for January 25, 2019
DRH
Jan 25, 2019 | 06:50 EDT
KeyBanc analyst Austin Wurschmidt downgraded DiamondRock to Underweight from Sector Weight with an $8 price target, citing his cautious view on lodging fundamentals and the company's above-average exposure to markets with 20%+ declines in citywide room nights in 2019. The analyst also tells investors in a research note that he views DiamondRock's growing exposure to destination resort markets as a potential risk given increased economic uncertainty and weakening consumer confidence and cut his 2019 RevPAR growth assumption to .2% from 2.5%.
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