Deutsche Bank Downgrades Belmond (BEL) to Hold

November 4, 2016 7:04 AM EDT
Get Alerts BEL Hot Sheet
Price: $13.60 +1.49%

Rating Summary:
    1 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Deutsche Bank downgraded Belmond (NYSE: BEL) from Buy to Hold with a price target of $13. Analyst Carlo Santarelli highlighted valuation and decelerating growth.

"Given valuation (12.0x 2017E EBITDA), slowing 2016 growth stemming from difficult comparisons and slowing RevPAR trends, and what we expect will be an elongated mgt. contract growth process, we are downgrading shares from Buy to Hold following slightly better than expected peak season adjusted EBITDA performance. While corporate actions could potentially lift shares from here, as we believe NAV value is higher than current trading multiples, we do not see movement on that front in the near to medium term. Our PT is unchanged at $13 and our adjusted EBITDA forecast for 2017 is modestly lower," said the analyst.

For an analyst ratings summary and ratings history on Belmond click here. For more ratings news on Belmond click here.

Shares of Belmond closed at $11.90 yesterday.

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