12:45 PM EDT, 05/02/2024 (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:

We trim our target price by $1 to $22, on a forward P/FFO of 11.0x our 2024 FFO estimate. This represents a premium to hotel REIT peers (8.4x) due to HST's best-in-class balance sheet and specialization in upscale and luxury properties. We lift our 2024 FFO estimate by $0.04 to $2.02 and raise 2025's by $0.01 to $2.09. HST posted Q1 2024 FFO of $0.60 vs. $0.54, a $0.05 consensus beat. Comparable hotel revenues rose 2% Y/Y, but adjusted EBITDA dropped 3% Y/Y due to higher wages and insurance expenses. Comparable RevPAR dropped 1% Y/Y to $215.37 as occupancy remained flat at 68.4%. Maui continues to experience headwinds from the 2023 wildfires, impacting comparable RevPAR by an estimated 310 bps as it remains one of HST's larger markets. On travel demand, HST continues to see positive trends within the Group and Contract businesses, although leisure demand was softer than expected in Q1 with room nights down 2% Y/Y. HST recently acquired two new hotels in Nashville for $530M and is looking to remain acquisitive.