Deutsche Bank Downgrades Belmond (BEL) to Hold
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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.
Shares of Belmond closed at $11.90 yesterday.
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