Janney Montgomery Scott Starts Felcor Lodging Trust (FCH) at Buy
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Janney Montgomery Scott initiates coverage on Felcor Lodging Trust (NYSE: FCH) with a Buy rating and a price target of $7.50, calling the stock cheap with unique catalysts.
Analyst Tyler Batory commented, "While the sudden retirement of CEO Rick Smith and negative sentiment towards lodging REITs are headwinds, we still think the stock can outperform peers LT. We believe the company can benefit from several organic growth opportunities, potential asset sales and an improved balance sheet. Its agreement with Wyndham also secures 20% of its EBITDA, which should help offset some volatility in the event of a downturn. Our fair value is $7.50, which is 11x our 2017 EBITDA."
Shares of Felcor Lodging Trust closed at $6.64 yesterday.
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