11:05 AM EST, 02/23/2026 (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:
We increase our target price by $1 to $12 on a forward P/FFO of 6.6x our 2026 view, a small premium to its three-year average of 6.5x. We decrease our 2026 FFO forecast by $0.13 to $1.81 and set our 2027 FFO forecast at $1.95. Core portfolio properties performance continues to outpace Non-Core properties with non-core weakness contributing to a modest RevPAR growth outlook for 2026. The Non-Core portfolio saw 280 bps Y/Y margin contraction with a 28% decline in hotel adjusted EBITDA in Q4. The outlook for Q1 remains weak, with difficult Y/Y comparisons in New Orleans (lapping Super Bowl) and Miami (due to Royal Palm closure) creating a 450 bps drag on RevPAR ($12M earnings headwind). We note the Royal Palm reopening in June remains critical this year, with management's guidance implying no material benefit from the World Cup currently due to the uncertainty of advance bookings. We note our FFO growth expectations may increase if PK sees strong World-Cup-related spending in Q2 and Q3 this year.