UPDATE: Brean Murray Carret & Co. Lowers Home Inns and Hotels Management's PT

According to a research report published this morning, Brean Murray Carret & Co. has lowered Home Inns and Hotels Management's

PT from $41 to $39. Brean Murray Carret & Co. commented in the report, "Net revenue came in at RMB1,179mm, ahead of consensus of RMB1,148mm. HMIN standalone revenue was RMB871mm and Motel 168 contributed total revenue of RMB308mm. Adjusted EBITDA was RMB166mm (excluding integration cost of RMB25mm), with HMIN standalone of RMB153mm and Motel 168 of 13mm, exceeding consensus of RMB142mm. Adjusted EBITDA margin was 17.9% for HMIN standalone and 4.1% for Motel 168 and 14.1% on a blended basis, above expectation of 12%." Brean Murray Carret & Co. maintains its Buy rating on Home Inns and Hotels Management, which closed yesterday at $22.84.