UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Hersha Hospitality Trust
In a report published Monday, Deutsche Bank reiterated its Hold rating on Hersha Hospitality Trust (NYSE: HT), but slightly lowered its price target from $5.50 to $5.00.
Deutsche Bank noted, “Uncharacteristically Soft Demand Leads to 3Q Miss; Supply Concerns Linger - Despite a solid book of business heading into September, a variety of factors conspired to create a very weak September for NYC RevPAR, which caused HT's 3Q miss. Assuming the power returns to lower Manhattan this weekend, business should return to normal by the second week of November. Sandy aside, 4Q bookings in Manhattan are up nicely and booking windows are lengthening. Looking into 2013, we believe that supply growth will be a lingering issue for the NYC market as a whole, slowing the pace of recovery. We are lowering our estimates and target price.”
Hersha Hospitality Trust closed on Friday at $4.75.
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