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Fly News Breaks for August 7, 2019
STAY
Aug 7, 2019 | 13:53 EDT
Baird analyst Michael Bellisario acknowledged that Extended Stay America's guidance cut and strategic review process conclusion were disappointing announcements, though he does not think either was necessarily too surprising and he believes the "bad" news is priced into shares. Stating that he expects the next updates from the company to be positive, Bellisario added a positive Fresh Pick designation on the stock and said he would be a buyer on today's pullback. He trimmed his price target on Extended Stay shares to $19 from $21 and keeps an Outperform rating on the stock.
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