Janney Montgomery Scott Reiterates Neutral on Ashford Hospitality Trust (AHT) Following 3Q
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Janney Montgomery Scott maintained a Neutral rating and $6.25 price target on Ashford Hospitality Trust (NYSE: AHT) following the company's 3Q earnings report. AHT reported 3Q16 revenue of $371.9M and adjusted EBITDA of $109.5M. This was above consensus at $365.5M and $105.3M. On the call, management explained that valuations have declined since earlier this year, but have stabilized more recently.
Analyst Tyler Batory commented, "We have a NEUTRAL rating on AHT. We think the company has several positives including an attractive dividend yield, clear strategy, and a geographically diverse portfolio; however, would expect persistent industry headwinds to weigh on sentiment. We also expect RevPAR could start to struggle in the future given its exposure to fullservice hotels. Our fair value remains $6.25, which is 10.5x our 2017 EBITDA."
Shares of Ashford Hospitality Trust closed at $5.48 yesterday.
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