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Fly News Breaks for August 8, 2019
STAY
Aug 8, 2019 | 07:41 EDT
Jefferies analyst David Katz downgraded Extended Stay America to Hold from Buy and lowered his price target for the shares to $16 from $24. The company's announcement that it will be focused solely on its operating strategies, rather than on its ownership structure or efficient value capture opportunities, is a "critical change," Katz tells investors in a research note. Amid a slowing lodging environment, Extended Stay's course "could be gradual and valuation arguments less impactful," which leaves the shares range-bound, says the analyst.
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