As previously reported, Goldman Sachs analyst Stephen Grambling upgraded Extended Stay America to Buy from Neutral following the company's Q4 earnings report, noting that he has raised his estimates based on the modest beat and a greater number of company-owned hotels coming online. Additionally, management's renewed focus on strategic alternatives positively skews the risk/reward balance, added Grambling, who has a $21 price target on the stock. Within his calculation of his $21 target, Grambling factors an M&A value of $26 based on comparable transactions and his sum-of-the-parts analysis, he noted.