Today's Upgrades of Note

Hyatt Hotels (NYSE: H) shares gained more than 3% intra-day today after Evercore ISI upgraded the company to Outperform from In Line with a price target of $100.00. According to the analysts, the company’s transition to an asset-light fee-based revenue model (80% goal by 2024) and greater leverage of SG&A spend should sharply increase its free cash flow generation over time.

Evercore upgraded ProLogis (NYSE: PLD) to Outperform from Underperform with a price target of $127.00. While noting that the industrial sector is not immune to a recession given the cyclical nature of the business, the analysts believe the company will continue to generate very strong growth, estimating average NOI growth of 7.5% over the next three years which is well above the REIT average.

KeyBanc upgraded Cogent Communications (NASDAQ: CCOI) to Overweight from Sector Weight with a price target of $64.00. Shares were up more than 6% intra-day today. The basis for the upgrade was (1) the company's ability to repurpose legacy assets (T-Mobile Wireline), (2) the company returning to a mid-single-digit revenue growth rate in the next three years, and (3) the company continuing to pursue capital returns in dividends.

By Davit Kirakosyan

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