Goldman Sachs analyst Justin Kwok upgraded GreenTree Hospitality Group (GHG) to Buy from Neutral with a price target of $14.50, down from $16.40. The analyst expects macro uncertainties in the near term to keep a recovery in China hotel demand "on a slow path." However, positives from government policy easing could potentially kick-in by late 2019 or early 2020, Kwok tells investors in a research note. The analyst cites GreenTree's "defensive growth offerings" for his upgrade to Buy. He coupled the upgrade with a downgrade of Huazhu Group (HTHT) to Neutral.