UPDATE: Stifel Nicolaus Increases Target to $11 on Sunstone Hotel Investors
Stifel Nicolaus reiterates its Buy rating on Sunstone Hotel Investors (NYSE: SHO) and raises its price target $1 to $11 as the company improves its portfolio and balance sheet.
Stifel Nicolaus says, "The company has taken meaningful steps to improve portfolio quality throughout 2011 by selling older, smaller, lower rated hotels while investing in larger properties in major travel markets such as the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront and JW Marriott, New Orleans. The company is building one of the better institutional grade, upscale hotel portfolio in the lodging sector."
SHO closed at $9.13 a share on Tuesday.
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