Stifel Raises Price Target on Extended Stay America (STAY) to $15; Reiterates Hold
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Stifel reiterated a Hold rating on Extended Stay America (NYSE: STAY), and raised the price target to $15.00 (from $14.50), following 12.75 million paired share offering by ownership group. The sale equates to 12.4% of the shares owned by the ownership group and 7.1% of the shares outstanding of STAY.
Analyst Simon Yarmak commented, "Affiliates of BX, Centerbridge, and Paulson completed an offering of 12.75 million paired shares of STAY at $14.82. The company did not receive any proceeds from the offering. The group sold 13.0 million shares in late September. Shares have rallied 15.1% vs. the S&P 500 +0.5%, since Oct. 24."
Shares of Extended Stay closed at $15.26 yesterday.
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