By Davit Kirakosyan
Hyatt Hotels (NYSE: H ) shares gained more than 3% Tuesday after Evercore ISI upgraded the company to Outperform from In Line with a price target of $100. According to the analysts, the company’s transition to an asset-light, fee-based revenue model (80% goal by 2024) and greater leverage of selling, general, and administrative (SG&A) spend should sharply increase its free cash flow generation over time.
Evercore upgraded Prologis (NYSE: PLD ) to Outperform from Underperform with a price target of $127. While noting that the industrial sector is not immune to a recession given the cyclical nature of the business, the analysts believe the company will continue to generate very strong growth, estimating average net operating income growth of 7.5% over the next three years - well above the REIT average. Still, Prologis shares were off 1.8%.
KeyBanc upgraded Cogent Communications (NASDAQ: CCOI ) to Overweight from Sector Weight with a price target of $64. Shares closed the session up 4.7%. The basis for the upgrade was (1) the company's ability to repurpose legacy assets (T-Mobile (NASDAQ: TMUS ) wireline), (2) the company returning to a mid-single-digit revenue growth rate in the next three years, and (3) the company continuing to pursue capital returns in dividends.
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