Jefferies Has Hold On Orient-Express Hotels (OEH)

Jefferies & Co. has a Hold rating on Orient-Express Hotels Ltd.

after it reported earnings. It has an $11 price target on shares. In a note to clients Jefferies writes, "Results in the key European region were below our bullish estimate as were negative R.E. earnings. The performance, particularly the 14.8% European ADR decline, supports our conservative view on leisure travel in the near term. Given the relatively high valuation, we believe the report is bearish for the shares." Shares of OEH lost 19 cents yesterday to close at $12.47, a loss of 1.5%.