12:00 PM EDT, 05/01/2024 (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:

After earnings beat, we keep our target price at $19, on a forward P/FFO of 8.4x our 2024 FFO estimate, in line with hotel REIT peers. We raise our 2024 FFO estimate by $0.10 to $2.23 and 2025's by $0.11 to $2.29. PK posted Q1 2024 FFO of $0.52 vs. $0.42, an $0.08 consensus beat. Comparable hotel revenues rose 8% Y/Y with PK realizing a 16% Y/Y increase in comparable EBITDA as expense pressures moderated. EBITDA margins of 27.2% were up 190 bps Y/Y and we forecast further expansion with FY 2024 margins of 27.7%-27.9%. Comparable RevPAR growth was strong at 8% Y/Y, driven by a 350-bp Y/Y increase in comparable occupancy to 70.9% and a 2.5% Y/Y increase in average daily rates. All property types (Resort, Urban, Airport, and Suburban) realized improved performance across these key metrics in Q1 2024, and we believe strong group and resilient leisure demand will continue to drive performance moving forward. PK currently maintains no variable rate debt and has no significant maturities due until June 2025 ($650M).