UPDATE: Goldman Sachs Upgrades Ryman Hospitality Properties to Buy on Valuation

Goldman Sachs raised its rating on Ryman Hospitality Properties

from Neutral to Buy and raised its price target from $37 to $38. Goldman Sachs commented, "Ryman is currently in the process of converting to a lodging REIT, which it expects to complete by Jan 1, 2013. So far during the transition, we believe that the fundamental investor base has been largely on the sidelines given a lack of clarity over the REIT conversion. However, now that key events such as the special dividend (E&P purge) have occurred and the company has been more specific with regards to transactions costs, we think more fundamental investors will begin to move into the shares." Ryman Hospitality Properties closed at $31.61 on Friday.