Wells Fargo Upgrades Gaylord Entertainment (GET) to Outperform; Pipeline Provides Compelling Total Return

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Wells Fargo upgraded Gaylord Entertainment (NYSE: GET) from Market Perform to Outperform with a price target range of $43-$48 (from $37-$39).

Analyst, Jeffrey J. Donnelly, said, "...believe the pending transaction with Marriott International (NYSE: MAR) and subsequent shareholder distribution (November 2012) and conversion to a REIT (January 2013) should provide a compelling total return. We include an analysis to assess Gaylord's proforma 2013 valuation as a REIT assuming achievement of various levels of expense/revenue synergies. If we assume targeted synergies are fully realized and an 11.3x 2013 EBITDA (hotel REIT sector average), the implied valuation including the Q4 2012 distribution ($415-450MM) is $50/share or 37% above current levels."

For an analyst ratings summary and ratings history on Gaylord Entertainment click here. For more ratings news on Gaylord Entertainment click here.

Shares of Gaylord Entertainment closed at $36.42 yesterday, with a 52 week range of $17.39-$40.37.

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