Citi sees potential tailwinds for Australia's Event Hospitality

EVT

07/11/2022 01:27

** Citi says recent quarterly results of U.S.-based Hyatt 
 H.N  and Marriott  MAR.O  appear to reflect largely positive
for the hotel business of Australia's Event Hospitality  EVT.AX 
    ** Says industry data suggests hotels continue to recover
strongly; and there have been no signs of softening leisure
travel demand despite broader macro uncertainties
    ** Says group and business transient demand saw noticeable
improvement in September and October
    ** Says sees EVT's 1H23 hotel revenue in line with 2019
levels 
    ** Brokerage maintains "buy" rating for hospitality and
entertainment provider Event Hospitality and Entertainment Ltd
 EVT.AX , with price target of A$17.71 
    ** Four of six analysts rate the stock "buy" or higher, and
two "hold"; their median PT is A$17.30 – Refinitiv Eikon data 
    ** Stock down 1.5% this year, as of last close 
 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))