JP Morgan Lowers Price Target for Orient-Express by $5 (OEH)

JP Morgan lowered Oriental-Express Hotels'

price target from $14.00 to $9.00, based on significantly lower earnings estimates. Oriental-Express Hotels operates luxury hotels all around the world. JP Morgan's 2Q10 EBITDA estimate goes to $26.6m from $34.4m, driven by weakness in Spain, the U.K., Italy, South Africa, and a larger loss at the Hotel das Cataratas. The analysts at JP Morgan said, "For the full year 2010, our adjusted EBITDA goes to $79.8m, down from our previous $87.2m." OEH is rated Neutral, and is currently trading at $7.40.