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Stifel Nicolaus says in a recent note it increases its price target from $11 to $12 on Buy-rated Sunstone Hotel Investors
SHO.
Stifel Nicolaus comments, "The high wire act of maintaining value and liquidity while reducing leverage is slowly becoming a low wire act. The company took meaningful steps in 2011 to reduce leverage and improve portfolio quality 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 recent announcement of the all cash and stock acquisition from Blackstone furthers that process. As the near-term equity needs abate, SHO's share price should continue to improve."
SHO closed at $10.40 on Wednesday.
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