RHP - Ryman Hospitality Properties stock advances as Truist upgrades to Buy

• Ryman Hospitality Properties ( NYSE: RHP ) shares drifted up 1.7% in Wednesday premarket trading as Truist Securities analyst Patrick Scholes upgraded the lodging REIT to Buy from Hold, citing a broad bull case for the hotel industry.
• "We summarize our view on the lodging sector at the moment as one of 'relative optimism' vs. the bear case of 'relative pessimism,'" Scholes wrote in a note to clients.
• Scholes pointed out that demand for leisure travel remains robust and well above prepandemic levels. RHP has plenty of exposure to that demand as 75% of its business comes from groups and conventions, he added.
• The company's stronger-than-expected Q2 earnings indicated continued strength in its hospitality business. "The second quarter was also a record all-time for us for both total revenue and total adjusted EBITDAre for our hospitality segment," Ryman Hospitality Chairman and CEO Colin Reed said during his company's Q2 earnings call .
• SA's Quant Rating , meanwhile, screens RHP as a Hold, while the average Wall Street Analyst views the stock as a Buy.
• Previously, (June 5) Hotel REITs get a boost from business travel revival .

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