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Fly News Breaks for July 17, 2019
SHO
Jul 17, 2019 | 06:28 EDT
BofA/Merrill analyst Shaun Kelley downgraded Sunstone Hotel (SHO) to Underperform from Neutral and lowered his price target for the shares to $13.50 from $15. The analyst expects a more cautious tone from Lodging companies during the Q2 earnings reports, particularly on corporate demand. He thinks full year guidance cuts "are now on the table" and downgraded Sunstone to reflect greater uncertainty. He continues to favor asset-light C-corps like Hilton (HLT), Marriott (MAR) and Wyndham Hotels & Resorts (WH) over the "more cyclical" Lodging real estate investment trusts.
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