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In a report published Tuesday, RBC Capital Markets analyst Wes Golladay reiterated an Outperform rating on
Host Hotels & Resorts Inc.HST, but lowered the price target from $25.00 to $23.00.
In the report, RBC Capital Markets noted, "We are lowering our 2015 and 2016 adjusted FFO/share estimates by $0.12 and $0.15, respectively. Part of the reason is we expect the company to be a net seller of hotels by ~$500 million through 2016. In addition, HST intends to undertake comprehensive renovations at a few hotels which should reduce EBITDA by $25 million in 2015 with some projects carrying over into 1H16. A stronger USD, longer lead-time for lease-up of the street retail at the Marriott Marquis, a difficult comp in New York (+8.8% EBITDA growth in 2014) also led to lower expectations."
Host Hotels & Resorts closed on Monday at $20.43.
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