JPMorgan analyst Joseph Greff is "increasingly cautious" on valuations in the Lodging space. Recent share performance, "peak" valuations, an extended cycle and decelerating industry trends all point to "diminished upside" from current share levels, Greff tells investors in a research note. On "more even" risk/reward profiles, the analyst downgraded both Marriott (MAR) and Hilton (HLT) to Neutral from Overweight. Greff also downgraded both Ryman Hospitality (RHP) and CorePoint Lodging (CPLG) to Underweight from Neutral as he sees more risk to the downside. The analyst's only remaining Overweight-rated names are Wyndham Hotels & Resorts (WH) and Extended Stay America (STAY).

Barclays raised the firm's price target on Marriott to $240 from $239 and keeps an Equal Weight rating on the shares as part of a Q1 lodging sector preview. The firm says the Easter shift dragged down March, making Q1 RevPAR beats less than likely. However, the analyst still expects more or less in-line EBITDA for the large caps.