Jefferies analyst David Katz says that in in light of recent commentary and circumstances, he believes Extended Stay America continues to review value strategies. The highest value-maximizing path could be for the company to split its paired share, sell its C-Corp assets to a strategic acquirer and leave a real estate investment trust entity, Katz tells investors in a research note, citing his calculations. In total, his analysis suggests Extended Stay's combined value ranges between $20 and $33 per share, with $27 per share as the base case or 48% upside from the previous close. The analyst keeps a Buy rating on Extended Stay America with a $24 price target.