RLJ Lodging Trust (RLJ): Maintain Buy Despite The Miss - Janney

November 7, 2016 7:09 AM EST
Get Alerts RLJ Hot Sheet
Price: $24.02 +0.50%

Rating Summary:
    6 Buy, 6 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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Janney Montgomery Scott analyst, Tyler Batory, reiterated his Buy rating on shares of RLJ Lodging Trust (NYSE: RLJ) and cut his price target to $23 from $24 after its 3Q16 earnings miss.

The analyst likes its exposure to select-service asset given the bullish outlook for this segment of the industry. In the event of a downturn, RLJ should benefit from its diverse portfolio, its strong balance sheet, having ample liquidity, and a sustainable dividend. He also believes shares are pricing in a lot of bad news at current levels, considering the stock trades at only 10x our 2017 EBITDA with a 6.8% dividend yield.

The new $23 price target is 11x our 2017 EBITDA.

For an analyst ratings summary and ratings history on RLJ Lodging Trust click here. For more ratings news on RLJ Lodging Trust click here.

Shares of RLJ Lodging Trust closed at $19.47 yesterday.

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