The downgrade from Outperform to In-Line suggests a neutral outlook on Hyatt Hotels' stock, indicating that the analyst believes the stock might not outperform the market in the near term. However, the setting of a $135 price target implies a belief in the stock's potential to reach this value, which could be seen as a positive signal. The impact on the stock price in the short term is likely to be mixed, as the market digests both the downgrade and the price target.