Fly News Breaks for February 7, 2020
CHH, H, MAR, HLT
Feb 7, 2020 | 07:11 EDT
Ahead of Q4 earnings, Wells Fargo analyst Dori Kesten lowered estimates across her lodging coverage universe to attempt to account for the impact of 2019-nCov and higher than previously assumed operating expenses. Kesten tells investors in a reserach note that she expects that with the release of Q4 earnings, shares of Hilton (HLT) and Marriott (MAR) will likely face near-term headwinds, as she believes both are likely to reduce 2020 RevPAR/net unit growth guidance due to the spread of 2019-nCov. The analyst says she is somewhat less concerned about Hyatt (H) with 2020 RevPAR guidance likely lowered but net unit growth potentially unchanged. The positive standout among the C-Corps should be Choice (CHH) with virtually no exposure to China, and tailwinds from the Comfort refresh, the analyst adds. Kesten raised her price target for Hilton to $114 from $106, for Marriott to $150 from $143, for Hyatt to $90 from $89 and for Choice Hotels to $111 from $99.
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