BMO Capital says Park Hotels & Resorts provided an updated 2024 outlook following the recent ratification of labor agreements at four of its hotels. The total EBITDA impact of nearly $30M is within the range of expected outcomes and removes the overhang of near-term uncertainty, the analyst tells investors in a research note. The firm says that while a 9% dividend yield “offers support for the shares,” it continues to believe Park Hotels’ 2025 setup faces headwinds from elevated expense growth, moderating group pace, and lapping one-time benefits. It keeps a Market Perform rating on the shares with a $16 price target
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Read More on PK:
- Park Hotels & Resorts lowers 2024 AFFO view to $2.00-$ 2.10 from $2.10-$2.26
- Park Hotels & Resorts price target lowered to $20 from $25 at Compass Point
- Park Hotels & Resorts: Strong Q3 2024 Performance
- Park Hotels & Resorts reports Q3 EPS 26c, consensus 14c
- Park Hotels & Resorts (PK) Q3 Earnings Cheat Sheet
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