Wells Fargo raised the firm’s price target on Park Hotels & Resorts to $16 from $14.50 and keeps an Equal Weight rating on the shares. The firm notes management expects 2025 RevPAR growth to be in the low-to-mid single digits and op ex growth to likely be up in the mid 4% range, taking into account the cost increases of its new labor agreements. Renovation headwinds and tailwinds are currently expected to offset each other in 2025, although a decision to move forward with the Royal Palm South Beach renovation would add a headwind, not likely in consensus, Wells adds.
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Read More on PK:
- Park Hotels & Resorts declares Q4 dividend of 65c per share
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- Park Hotels & Resorts price target lowered to $20 from $25 at Compass Point
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
