Wachovia Adjusts Ratings on Lodging Stocks: BEE, AHT, HST, FCH, DHR Downgraded; HOT Upgraded
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Wachovia adjusted its estimates and ratings on a number of lodging stocks today.
Wachovia downgrades Strategic Hotels (NYSE: BEE) and Ashford Hospitality (NYSE: AHT) to Underperform and Host Hotels & Resorts (NYSE: HST), FelCor Lodging (NYSE: FCH) and DiamondRock Hospitality (NYSE: DRH) to Market Perform. The firm said, "risk-adjusted total return prospects were no longer sufficient to warrant the prior ratings."
Wachovia upgraded Starwood Hotels (NYSE: HOT) to Outperform, saying they, "believe the shares have priced in the majority of the risk to estimates, Starwood's high international exposure should provide a buffer against deteriorating U.S. fundamentals, and the capital structure and dividend are secure."
Wachovia thinks Strategic (NYSE: BEE) and Ashford (NYSE: AHT) will not be able to pay their current dividend from operating cash flow in 2009. They said two others companies, DiamondRock (NYSE: DRH) and FelCor (NYSE: FCH), are close but they do not believe the shortfall is sufficient to warrant a reduction.
Wachovia is reducing 2008-2009 earnings estimates for fourteen companies: Ashford (NYSE: AHT), Strategic (NYSE: BEE), DiamondRock Hospitality (NYSE: DRH), FelCor Lodging Trust Inc. (NYSE: FCH), Hospitality Properties Trust (NYSE: HPT), Host Hotels (NYSE: HST), Hersha Hospitality Trust (NYSE: HT), LaSalle Hotel Properties (NYSE: LHO), Sunstone Hotel Investors Inc. (NYSE: SHO), Choice Hotels International Inc. (NYSE: CHH), Gaylord Entertainment Co. (NYSE: GET), Starwood Hotels (NYSE: HOT), Marriott International Inc. (NYSE: MAR), Vail Resorts Inc. (NYSE: MTN).
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Wachovia ratings
Al Gibbs on Jul 17, 2008 03:10 PMFrankly Ashford appears to be on sounder footing financially than Wachovia. I had rather own Ashfords stock than Wachovia right now. Make one wonder if some of these banks attempt to run the stock down in order to get it more cheaply....