UPDATE: Goldman Sachs Starts Hyatt Hotels (H) at Neutral
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(Updated - September 26, 2016 9:35 AM EDT)
Goldman Sachs initiated coverage on Hyatt Hotels (NYSE: H) with a Neutral rating and a price target of $50.
Analyst Stephen Grambling sad, "Given our prior background in retail, we view Hyatt as the “Nordstrom” of hotels with its “shoppers” (i.e., core customer) skewing towards the higher end and its “stores” (i.e., properties) positioned in great locations. Both companies also differentiated themselves with long-term investment horizons due to concentrated family ownership. We remain held back with a Neutral rating, given our view on the macro backdrop, which likely has a greater impact to Hyatt’s profitability given greater exposure to the more volatile high end and greater ownership of assets."
Shares of Hyatt Hotels closed at $50.35 yesterday.
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