UPDATE: BMO Capital Raises PT on Summit Hotel Properties Following FFO Report

In a report published Wednesday, BMO Capital Markets analyst Mark Lutenski reiterated a Market Perform rating on Summit Hotel Properties

, and slightly raised the price target from $10.00 to $11.00. In the report, Lutenski noted, “INN's portfolio shrugged off renovations during the quarter to report RevPAR growth of 7.7%, showing that 2012's high growth was not a one-time by-product of brand conversions. However, we think fundamental performance gets overshadowed a bit by the company's continued expansion efforts. INN disclosed the pending acquisition of four assets from White Lodging for a combined $153 million or roughly $195,000/key, bringing its YTD acquisitions to ~$420 million. Management was optimistic about its future deal pipeline remaining robust as well, not taking an additional equity issuance of the table. We think a repetition of recent investment activity over the last six months could help INN close in on the $1 billion equity market cap threshold by as soon as 2014, but caution that continued volatility should also be expected.” Summit Hotel Properties closed on Tuesday at _.