Wachovia Upgrades Hospitality Properties Trust (HPT) to Market Perform

September 9, 2008 9:33 AM EDT

Wachovia upgrades Hospitality Properties Trust (NYSE: HPT) from Outperform to Market Perform. The firm has a $20-$23 valuation range on the stock.

The firm believes the market has already priced in "all but the most severe scenarios". Wachovia feels the risk of a material change in dividend policy in the intermediate term is low and calls the yield of 13.7% attractive. As the firm sees scenarios that could cause appreciation, as well as scenarios that could create downside, Wachovia says "we feel it is premature to be more aggressive until we have clarity about TravelCenters' (NYSE: TA) operating situation."

Hospitality Properties Trust, a real estate investment trust (REIT), engages in buying, owning, and leasing hotels.

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