UPDATE: Deutsche Bank Initiates Buy on Choice Hotels International

Deutsche Bank initiated its coverage on Choice Hotels International CHH with a Buy rating on the company's senior notes. Deutsche Bank commented, "we are initiating coverage on the 5.7% Senior Notes 2020 and 5.75% Senior Notes 2022 with a Buy Rating. We like this credit based on (i) relative value, (ii) the fee for service business model, (iii) the asset light strategy, (iv) strong free cash flow generation along with our expectations for modest de-levering (v) ample liquidity and limited near-term maturities." Choice Hotels International closed at $41.07 on Friday.