RLJ - Host Hotels upgraded to Outperform at Raymond James on handling transition
Raymond James analyst William Crow is upgrading Host Hotels and Resorts (NASDAQ:HST) to Outperform from Market Perform, saying "no lodging REIT has better navigated the transition from the pandemic environment to a post pandemic, cyclical beginning than Host." With its balance sheet strength, the company has made a series of acquisitions that have improved its overall portfolio quality and added to its luxury and resort properties in Sunbelt markets, Crow wrote in a note to clients. It has also sold ~$1.0B of slower growth assets that required high capital expenditures. He views the current valuation ($18.15 at Tuesday's close) as attractive. Raymond James' price target of $21 for the stock suggest a 13.7x 2023 EBITDA multiple and a value per key of $437K, "still well below our $525K per key fair value estimate," Crow wrote. Host (HST) stock is rising 3.2% in midday trading on a session when many lodging REITs are
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Host Hotels upgraded to Outperform at Raymond James on handling transition