Barclays upgrades Hyatt's rating to 'overweight'; shares rise

Shares of Hyatt Hotels H.N rise 1.2% to about $164.60

Barclays raises Hyatt's price target to $200 from $161, upgrades rating to "overweight" from "equal-weight"

New PT represents an upside of 22.9% from stock's last close

Brokerage says H has gone through a ~7+ year transformation toward "asset-light" hotel mix, which temporarily stalled in 2025 with the acquisition of Playa Hotels & Resorts; sees asset-light EBITDA for FY25 of ~79%

Adds deal likely to close around year-end, after which asset-light EBITDA mix will step up to ~85%

Fifteen of 23 brokerages rate the stock "buy" or higher, and eight "hold"; their median PT is $167, according to data by LSEG

Including session's move, shares up 5.1% YTD