Park Hotels & Resorts PK shares are trading higher on Monday after Raymond James upgraded the company's stock from Market Perform to Outperform and announced a $16 price target.
Park Hotels & Resorts owns upper-upscale and luxury hotels with 29,125 rooms across 53 hotels in the U.S. Park was spun out of narrow-moat Hilton Worldwide Holdings at the start of 2017. In September 2019 the company closed on the acquisition of Chesapeake Lodging Trust ($2.5 billion), and acquired a portfolio of Marriott, Hyatt and Hilton branded hotels. Today, Hilton makes up 85% of the company's portfolio, while Marriott (10%) and Hyatt (5%) account for the balance.
Park Hotels & Resorts shares were trading up 11.01% at $14.52 on Monday. The stock has a 52-week high of $28.90 and a 52-week low of $3.99.
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