Wells Fargo Downgrades Ryman Hospitality Properties (RHP) to Market Perform

Wells Fargo downgraded Ryman Hospitality Properties (NYSE: RHP) from Outperform to Market Perform and lowered its valuation range to $34.00 to $36.50 from $48.00 to $50.00.

Analyst Jeffrey J. Donnelly comments, "... we believe the shares could face further downside to reach an oversold condition and may need to 1-2 quarters of improved performance before the warranted valuation discounts narrows. Subsequent to the end of Q1 2013 and following the integration of Marriott's group yield management systems, Ryman experienced an abrupt and unexpected erosion in short-term group bookings that negatively impacted management's 2013 outlook for RevPAR growth (revised down 400bp to -1% to 2%) and expense savings ($5MM less) resulting in an $18-23MM reduction to 2013E EBITDA."

2013-2014 FFO/sh estimates are $3.95 and $4.35, down from $4.32 and $4.65.

For an analyst ratings summary and ratings history on Ryman Hospitality Properties click here. For more ratings news on Ryman Hospitality Properties click here.

Shares of Ryman Hospitality Properties closed at $34.04 yesterday.

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