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UPDATE: Goldman Sachs Raises PT on LaSalle Hotel Properties, Estimates Lowered Following 4Q12 Results

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In a report published Monday, Goldman Sachs reiterated its Neutral rating on LaSalle Hotel Properties (NYSE: LHO), and slightly raised its price target from $26.50 to $27.25.

Goldman Sachs noted, “Our new FFO per share estimates for 2013 and 2014 are $2.16 and $2.39, changed from $2.25 and $2.54. Our 2013-2014 EBITDA estimates move to $285mn/$314mn (from $301mn/$327mn), on lower RevPAR estimates and more modest margin expansion. With this update we introduce FY2015E FFO of $2.58 and EBITDA of $333mn. Benefits from 2012 renovations are already baked into management expectations. Additionally, we expect comparable ADR (average daily rate) increases in late 2013/early 2014 to be gradual as Park Central, NY and West House ramp up. Our DCF, EV/EBITDA, and P/FFO multiple-based 12-month price target moves to $26.50 from $27.25 on our new estimates.”

LaSalle Hotel Properties closed on Friday at $25.48.

Latest Ratings for LHO

May 2015SunTrust Robinson HumphreyUpgradesReduceNeutral
Mar 2015SunTrust Robinson HumphreyDowngradesNeutralReduce
Mar 2015Deutsche BankMaintainsHold

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Posted-In: Goldman SachsAnalyst Color Price Target Analyst Ratings


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