UPDATE: BMO Capital Markets Initiates Summit Hotel Properties at Market Perform
BMO Capital Markets initiated Summit Hotel Properties (NYSE: INN) with a Market Perform rating and a $10.00 price target.
BMO Capital Markets noted, "Summit's target markets have fewer barriers to entry from a hotel development standpoint, but limited lending has kept supply growth low and helped propel RevPAR growth for the company to near sector-level highs. However, we believe the in-line valuation recognizes these factors and thus, we are initiating with a Market Perform rating."
Summit Hotel Properties closed at $9.12 on Monday.
Latest Ratings for INN
|Aug 2014||JMP Securities||Initiates Coverage on||Market Outperform|
|Aug 2014||Raymond James||Maintains||Outperform|
|May 2014||RBC Capital||Upgrades||Sector Perform||Outperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.