Janney Montgomery Scott Starts Morgans Hotel Group (MHGC) at Buy; Betting on A Continued High-End RevPar Recovery
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Price: $6.97 +13.15%
Rating Summary:
3 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
3 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade MHGC Now!
Janney Montgomery Scott initiates coverage on Morgans Hotel Group (NASDAQ: MHGC) with a Buy. PT $12.50.
JMS analyst says, "Morgans will benefit from the ongoing RevPar recovery in the lodging industry. In 2010, the company saw improved RevPar at its properties as occupancy improved across the portfolio. In 2011, it is expected that occupancy will improve slightly and this will allow for a more pronounced improvement in ADR. The company has significant leverage to the New York City, Miami, Los Angeles, and London markets. In our opinion, the main driver of the recovery for Morgans will come from the strong recovery in the New York City market."
For more ratings news on Morgans Hotel Group click here and for the rating history of Morgans Hotel Group click here.
Shares of Morgans Hotel Group closed at $9.56 yesterday, with a 52 week range of $3.93-$11.46.
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JMS analyst says, "Morgans will benefit from the ongoing RevPar recovery in the lodging industry. In 2010, the company saw improved RevPar at its properties as occupancy improved across the portfolio. In 2011, it is expected that occupancy will improve slightly and this will allow for a more pronounced improvement in ADR. The company has significant leverage to the New York City, Miami, Los Angeles, and London markets. In our opinion, the main driver of the recovery for Morgans will come from the strong recovery in the New York City market."
For more ratings news on Morgans Hotel Group click here and for the rating history of Morgans Hotel Group click here.
Shares of Morgans Hotel Group closed at $9.56 yesterday, with a 52 week range of $3.93-$11.46.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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