Shifting Trends In Luxury Travel: Analyst Foresees Challenges For Braemar Amid Economic Concerns And RevPAR Declines
Portfolio Pulse from Nabaparna Bhattacharya
B. Riley Securities analyst Bryan Maher downgraded Braemar Hotels & Resorts Inc. (NYSE:BHR) to Neutral from Buy, lowering the price target from $7.00 to $3.50. The downgrade is due to concerns about the company's prolonged RevPAR softness at many of its luxury resort hotels and uncertainty surrounding its remaining 2024 debt maturities. The analyst also lowered FY23, FY24, and FY25 adjusted EBITDA estimates.
August 14, 2023 | 7:43 pm
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Braemar Hotels & Resorts Inc. has been downgraded to Neutral from Buy by B. Riley Securities, with a lowered price target of $3.50. The company's stock is expected to be range-bound over the next 12-18 months.
The downgrade by B. Riley Securities is due to concerns about Braemar's prolonged RevPAR softness and uncertainty surrounding its remaining 2024 debt maturities. This negative sentiment from a major analyst is likely to put downward pressure on the stock in the short term.
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