UPDATE: Cantor Fitzgerald Initiates Buy, $10 PT on Ashford Hospitality Trust
Cantor Fitzgerald initiates its coverage on Ashford Hospitality Trust (NYSE: AHT) with a Buy rating and a price target of $10 to reflect the company's maximum leverage to the lodging recovery.
Cantor Fitzgerald notes, "In our universe, Ashford represents the levered play on the ongoing recovery in U.S. lodging fundamentals. Ashford's management is very aggressive in managing its portfolio and balance sheet. They are active recyclers of capital and prudent risk managers."
AHT closed at $8.44 a share on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.