Wells Fargo analyst Dori Kesten upgraded Choice Hotels to Overweight from Equal Weight with a price target of $71, down from $92. The stock closed Monday up $8.59 to $62.74. The negative impact of COVID-19 on Choice’s hotels will be less than that of its peers, Kesten tells investors in a research mote. The analyst believes the upside at a multiple in line with that achieved in the prior downturn still implies greater upside from the current share price than most in the space.
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