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.

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