Nomura Securities Maintains a 'Neutral' on Gaylord Entertainment (GET); Upside From Possible Wrangling of Disgruntles TRT?
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Price: $39.53 --0%
Rating Summary:
3 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
3 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade GET Now!
Nomura Securities maintains a 'Neutral' on Gaylord Entertainment (NYSE: GET) price target of $31.00.
Analyst, Harry C. Curtis, said, "GET preannounced 2Q adjusted CCF of $69m, ahead of our $68m estimate and the Street’s $66m. We believe that the upside to our estimate was driven by better than expected total RevPAR of 6.7%. GET’s pre-announcement seems related to its recent public wrangling with disgruntled shareholder TRT, which owns 22% of GET, and wants to vote against the proposed Marriott (NYSE: MAR)/REIT deal. The release shows that GET’s core business performed ahead of expectations during the 2Q and that the MAR/REIT deal is not in jeopardy. The release shows that GET’s core business performed ahead of expectations during the 2Q and that the MAR/REIT deal is not in jeopardy. Management continues to work with MAR and is on schedule to complete the hotel management transfer, and transition into a REIT, by October 2012. We believe there are limited options for GET, but that the MAR/REIT deal enhances value over the near and long term, particularly as GET assets are tied into the MAR rewards system."
For an analyst ratings summary and ratings history on Gaylord Entertainment click here. For more ratings news on Gaylord Entertainment click here.
Shares of Gaylord Entertainment closed at $35.75 yesterday, with a 52 week range of $17.39-$40.37.
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Analyst, Harry C. Curtis, said, "GET preannounced 2Q adjusted CCF of $69m, ahead of our $68m estimate and the Street’s $66m. We believe that the upside to our estimate was driven by better than expected total RevPAR of 6.7%. GET’s pre-announcement seems related to its recent public wrangling with disgruntled shareholder TRT, which owns 22% of GET, and wants to vote against the proposed Marriott (NYSE: MAR)/REIT deal. The release shows that GET’s core business performed ahead of expectations during the 2Q and that the MAR/REIT deal is not in jeopardy. The release shows that GET’s core business performed ahead of expectations during the 2Q and that the MAR/REIT deal is not in jeopardy. Management continues to work with MAR and is on schedule to complete the hotel management transfer, and transition into a REIT, by October 2012. We believe there are limited options for GET, but that the MAR/REIT deal enhances value over the near and long term, particularly as GET assets are tied into the MAR rewards system."
For an analyst ratings summary and ratings history on Gaylord Entertainment click here. For more ratings news on Gaylord Entertainment click here.
Shares of Gaylord Entertainment closed at $35.75 yesterday, with a 52 week range of $17.39-$40.37.
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