Shares of Pebblebrook Hotel Trust (PEB) surged 6.77% on Thursday, driven by the company's better-than-expected fourth-quarter earnings report and positive analyst actions.
The hotel real estate investment trust (REIT) reported an adjusted loss of $0.31 per share for the quarter ended December 31, 2024, narrower than the consensus estimate of a $0.41 loss. Revenue for the quarter rose 1.1% year-over-year to $337.6 million, exceeding analysts' expectations of $330.58 million.
Following the solid quarterly results, analysts at Raymond James upgraded Pebblebrook Hotel to "Outperform" from "Market Perform," with a price target of $14. Additionally, Stifel Nicolaus reiterated its "Buy" rating on the stock and raised its price target to $16.50, citing the company's improving fundamentals and outlook.
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