<div id="readability-page-1"><p>11:45 AM EDT, 05/01/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:</p><p>We lower our 12-month target by $9 to $180 on a 2026 EV/EBITDA multiple of 17x (up from 15x), a premium to its 15x three-year forward average multiple. We lower our 2026 EPS estimate to $2.75 from $3.71 and raise our 2027 estimate to $4.34 from $4.26, while our 2026 adjusted EBITDA estimate of $1.18 billion is near the midpoint of management's guidance. Following Q1 results that beat estimates and included raised full-year RevPAR guidance, we downgrade shares from Buy to Hold. We believe the setup is less favorable with shares now trading at a 10% premium to their three-year average forward multiple. Our multiple reflects a discount to hotel peers given H's lower scale and higher leverage, though this is offset by H's exposure to luxury leisure travel, which is showing momentum with net package RevPAR up 7.4% in Q1 and contributing to outsized RevPAR growth. However, geopolitical disruptions affecting H's Distribution segment have lowered our 2026 EBITDA outlook. At current levels, we see balanced risk/reward.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

凱悦酒店

<p>CFRA 已將凱悦酒店的股票評級從 “買入” 下調至 “持有”，將 12 個月目標價下調 9 美元至 180 美元。2026 年的每股收益（EPS）預估下調至 2.75 美元，而 2027 年的預估上調至 4.34 美元。儘管第一季度的業績超出預期，但地緣政治動盪對 2026 年的息税折舊攤銷前利潤（EBITDA）前景產生了負面影響。目前的股價反映出比三年平均前瞻性倍數高出 10% 的溢價，導致風險/收益評估趨於平衡</p>

研究警報：CFRA 將凱悦酒店公司股票的評級從買入下調為持有