Stifel Cuts Price Target on Host Hotels & Resorts (HST) to $17.50; Reiterates Buy
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Stifel maintained a Buy rating on Host Hotels & Resorts (NYSE: HST), and cut the price target to $17.50 (from $18.50), after adjusting estimates. 2016 adjusted FFO estimates were cut to $1.66 (from $1.67) and 2017 adjusted FFO to $1.66 (from $1.67).
Analyst Simon Yarmak commented, "The company maintains one of the best balance sheets in the sector. We estimate that net-debt+preferred to EV is at 24.3% vs. the industry average of 34.0%. Net-debt+preferred/EBITDA is 2.6x, one of the lowest in the industry. Fixed charge coverage is over 7.0x, the best in the company's history. We estimate, post closing of the asset sales, HST will have almost $300 million of unrestricted cash and $739 million of line capacity. 95 out of 99 hotels are unencumbered."
Shares of Host Hotels closed at $15.55 yesterday.
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