Ryman Hospitality Properties heads into its Q1 2026 earnings call today with the analyst community more uniformly bullish than it has been in months — and the stock price running to meet those expectations.
The recent analyst moves tell a consistent story. Morgan Stanley upgraded RHP to Overweight on April 10, lifting its target from $88 to $105. Wells Fargo and JP Morgan both raised targets in the week before the print — Wells to $114, JPMorgan to $111 — while maintaining Overweight ratings. No firm downgraded in the run-up. The consensus price target of $116 implies roughly 10% upside from the current close of $105.09, and RHP ranks in the 95th percentile for analyst recommendation strength across the ORTEX universe. That is an unusually tight bull camp for a REIT heading into results.
The price action reflects it. RHP has climbed 15% over the past month and is up more than 4% on the week. The stock's RSI14 is running at 63 — elevated but not yet stretched into overbought territory. Bulls point to Ryman's distinctive model: its large-format Gaylord hotel properties cater primarily to group business, which tends to be booked months in advance, offering revenue visibility that typical leisure-driven hotel REITs lack. The forward EV/EBITDA of around 10.8x is not demanding for that quality of earnings, and the dividend score ranks in the 81st percentile. Bears have little ammunition in the current data — the ORTEX short score is a modest 36.9, and it has actually fallen from around 40.9 in mid-April as shorts retreated.
The lending market reinforces that picture. Short interest dropped sharply at the end of April, falling roughly 22% over the week to 2.9% of free float — low enough that there is no meaningful short-side pressure to speak of. Borrow availability is wide, with a cost to borrow of just 0.46%. Shorts have been covering, not building. Options positioning adds a mild note of caution: the put/call ratio is running at 5.4, well above its 20-day average of 3.6, though still below the 52-week high of 6.7. With RHP's relatively thin options market, this reading may reflect structural factors as much as directional conviction, and the z-score of 0.9 is not alarming.
With the stock having already repriced sharply ahead of the print, the Q1 call is less about whether RHP's group-booking model is working and more about whether management's group revenue outlook for the second half of 2026 can justify holding at current levels.
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