Janney Montgomery Scott Starts RLJ Lodging Trust (RLJ) at Buy
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Janney Montgomery Scott initiates coverage on RLJ Lodging Trust (NYSE: RLJ) with a Buy rating and a fair value target $24.00, saying they like the valuation, balance sheet and select-service exposure.
Analyst Tyler Batory commented, "We think the stock can outperform relative to other lodging REITs. We like the exposure to select-service assets given our bullish outlook for this segment of the industry. In the event of a downturn, RLJ should also benefit from the geographic diversity of its portfolio, its strong balance sheet, ample liquidity, and a sustainable dividend. Our fair value is $24, which is 11x our 2017 adjusted EBITDA."
Shares of RLJ Lodging Trust closed at $21.90 yesterday.
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