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- The share price of La Quinta Holdings, Inc. (NYSE: LQ) has declined 27.66 percent, year to date.
- Citi’s Smedes Rose has downgraded the rating on La Quinta from Buy to Neutral, while lowering the price target from $27.50 to $21.00.
- The downgrade follows concerns regarding the second downward revision to the full year guidance, the uncertainty regarding La Quinta’s leadership and recent IRS rulings.
The company has announced the “surprising departure” of its CEO, Wayne Goldberg, in what it termed as a “mutual decision.” CFO Keith Cline will take on the CEO’s responsibilities on an interim basis.
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The fact that Mr. Goldberg will receive full cash severance, along with vested shares, suggests that “there may be more to the story,” according to the Citi report.
Also, La Quinta has reduced its full year guidance for the second time, which analyst Smedes Rose believes could have been due to the August RevPAR coming in below expectations and the management expecting a sequential decline in 3Q.
The stock has also been adversely impacted by “pockets of weakness,” which have resulted in lower occupancy. In addition, “Texas markets have not recovered as rapidly from 2Q disruption as initially thought,” Rose stated, while adding that “the transitioning of the company’s call center, as well as closure of a 234- room property for structural reasons, are also factors that have weighed on shares.”
The EPS estimates for 3Q15, 2015 and 2016 have been reduced.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.