UPDATE: Stifel Nicolaus Raises PT to $16.72 on Chatham Lodging Trust on 2013 Guidance
Stifel Nicolaus maintained Chatham Lodging Trust (NYSE: CLDT) with a Buy rating and raised the price target from $16.00 to $18.00.
Stifel Nicolaus commented, "CLDT introduced its 2013 AFFO guidance of $1.58-$1.64, which assumes RevPAR +4.0%-5.0% and EBITDA guidance of $47-$48 million. Our prior AFFO and EBITDA estimates were $1.51/$49.7 million and the Street was at $1.57/$47.6 million. RevPAR will be impacted 160 bps by the rebranding of the Doubletree Washington D.C. into a Residence Inn and the tough comp from 4Q12 due to Hurricane Sandy. … We are raising our target price to $18.00 from $16.00, which reflects a 11.7x multiple on 2014E/EBITDA of $52.6 million or $177k/key."
Chatham Lodging Trust closed at $16.72 on Tuesday.
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