MKM Partners Upgrades Hyatt Hotels (H) to Buy, Top Pick
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MKM Partners upgraded Hyatt Hotels (NYSE: H) from Neutral to Buy with a price target of $79.00 (from $60.00).
Analyst Chris Agnew gives three reasons for the upgrade:
- given its strong exposure to business travel and its Group mix (80% and 35%, respectively).
- Hyatt's owned hotel mix (~55% of adjusted segment EBITDA) will also provide it more operating leverage and therefore earnings upside, than its peers and
- its planned sale of $1.5bn of assets is a further catalyst for investors.
Shares of Hyatt Hotels closed at $71.11 yesterday.
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