As previously reported, Evercore ISI analyst Rich Hightower upgraded Park Hotels & Resorts (PK) to Outperform from In Line following Chesapeake Lodging Trust (CHSP) shareholders' approval of the proposed merger with Park. The rating change "is not necessarily an incrementally bullish call on the lodging cycle overall," but is due to his view that Park Hotels shares have gotten "unjustifiably cheap" when compared to peers since the merger announcement, despite the improvement in portfolio quality that comes along with the acquisition, Hightower tells investors. He trimmed his price target on Park Hotels shares to $31 from $33.