UPDATE: Goldman Sachs Lowers PT to $9.83 on DiamondRock
Goldman Sachs lowers its price target 40 cents to $9.85 a share on Neutral-rated DiamondRock (NYSE: DRH) following Q4 results.
Goldman Sachs notes, "Our 2012 and 2013 full-year FFO per share estimates change to $0.79 and $0.88 from $0.81 and $0.93, respectively. Our quarterly 2012 FFO per share estimates change to $0.11, $0.23, $0.19, and $0.27 from $0.08, $0.21, $0.19, and $0.33. We also introduce 2013 FFO per share quarterly estimates of $0.11, $0.26, $0.21, and $0.30 and a FY2014 EPS estimate of $1.04. Our estimates are going lower due mostly to lower expected margin growth. We have also chosen to keep DiamondRock's three hotel portfolio held for sale in our model until the deal closes."
DRH closed at $9.55 a share yesterday.
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