Keefe, Bruyette and Woods Downgrades Host Hotels & Resorts (HST) to Market Perform
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Keefe, Bruyette and Woods downgrades Host Hotels & Resorts Inc. (NYSE: HST) to Market Perform. Price target $10.50.
Keefe analyst says, "We are significantly reducing our 2009 forecasts for HST and anticipate minimal expansion in valuation multiples from current levels. Accordingly, we are lowering our rating to MP from OP. We remain cautious on lodging REITs given the likelihood of a more severe economic downturn and a slower than previously anticipated recovery."
Host Hotels & Resorts, Inc. operates as a self-managed and self-administered real estate investment trust (REIT).
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