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Fly News Breaks for August 9, 2019
STAY
Aug 9, 2019 | 07:48 EDT
Morgan Stanley analyst Thomas Allen downgraded Extended Stay America to Equal Weight from Overweight, citing both his concerns that lodging demand is broadly weakening and the loss of a near-term catalyst after the company announced that its board decided against pursuing a "transformative transaction." While the stock continues to trade at a meaningful discount to peers, he sees the risk-reward as balanced given Extended Stay's high financial and operating leverage, Allen tells investors. He lowered his price target on the stock to $15 from $20.
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