RLJ Lodging Trust (RLJ): Maintain Buy Despite The Miss - Janney
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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.
Shares of RLJ Lodging Trust closed at $19.47 yesterday.
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