UPDATE: Bank of America Reiterates Underperform Rating, Raises PT on FelCor Lodging Trust on Lowered 2014 EBITDA Estimate

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In a report published Wednesday, Bank of America analyst Andrew G. Didora reiterated an Underperform rating on
FelCor Lodging TrustFCH
, and raised the price target from $7.00 to $7.50. In the report, Bank of America noted, “We are lowering our 2014 EBITDA estimate to $203M from $220M as we now assume FCH sells its 20 non-core assets throughout the year. Given strong trends in the hotel transaction environment, we estimate FCH is able to sell these assets at a solid clip, and our forecast is towards the low end of the company's $202-217M guide because of this. Our Underperform rating is unchanged, but we are tweaking our PO to $7.50 from $7 as we believe FCH's portfolio would improve with these non-core sales.” FelCor Lodging Trust closed on Tuesday at $8.29.
Posted In: Analyst ColorPrice TargetAnalyst RatingsAndrew G. DidoraBank of America
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