UPDATE: Deutsche Bank Raises PT on Ryman Hospitality, Believes Valuation is Reasonable

Deutsche Bank published a report on Ryman Hospitality

that maintained its Hold rating and raised price target to $50.00 from $32.00. Deutsche Bank mentioned in the report, “Our $50 price target is based on a sum of the parts approach in which we apply 12.5x multiples to our 2014 adjusted EBITDA estimates for each of Ryman's hotels and operating segments. We believe our multiples are appropriate considering the current state of the lodging cycle, competitive threats, and the risks of softening demand in Washington D.C. To arrive at our equity value, we extract net debt at year end 2014.” Ryman Hospitality is trading at $44.68, up 0.43 percent.