Wachovia Downgrades Gaylord Entertainment (GET) to Market Perform

August 15, 2008 8:47 AM EDT

Wachovia downgrades Gaylord Entertainment (NYSE: GET) from Outperform to Market Perform.

Wachovia analyst says, "At the current price we feel the prospect for meaningful upside to valuation -- stemming from either a realization of private market value or monetization of a partial interest in the hotel portfolio -- is narrow and offset by the general risk of a retreat in the sector as fundamentals flow...Gaylord remains prohibited from repurchasing its shares because the organization is in possession of material non-public information and has been since about the end of Q1 2008. We believe management is exploring the sale of an equity interest in its hotel portfolio with the proceeds used to deleverage the balance and inevitably fund expansions and/or the San Diego project."

Gaylord Entertainment Company (Gaylord) is a hospitality and entertainment company that owns and operates Gaylord Hotels (www.gaylordhotels.com), its network of meetings-focused resorts and the Grand Ole Opry (www.opry.com), the weekly showcase.

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