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Fly News Breaks for September 19, 2019
H
Sep 19, 2019 | 04:54 EDT
Goldman Sachs analyst Stephen Grambling upgraded Hyatt Hotels to Buy from Neutral and raised his price target for the shares to $91 from $88. The company is moving more aggressively towards asset light model, which should drive free cash flow and a re-rating in the shares, Grambling tells investors in a research note. He believes Hyatt's model has reached a "tipping point" in the shift to asset light in which EBITDA growth from fees will match declines from asset dispositions. As management continues down the path of selling down Hyatt's real estate, the premium aspects of each business will become more visible, says the analyst. In addition, he sees "optionality" from the company's loyalty program and recent acquisitions.
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