JPMorgan analyst Joseph Greff downgraded Extended Stay America to Neutral from Overweight and lowered his price target for the shares to $15 from $16.50. The analyst reduced his 2020 Lodging estimates as we now views 1% RevPAR growth assumption for next year as more optimistic than three months ago. Further, given Extended Stay's announcement last month that its board has concluded to cease evaluating corporate structure alternatives to optimize equity value, the analyst thinks the stock is "catalyst-less" absent the board revisiting corporate structure alternatives.