In a report published Wednesday, Citigroup analyst Michael Bilerman reiterated a Neutral rating on Ryman Hospitality Properties RHP, but lowered the price target from $36.00 to $35.00.
In the report, Citigroup noted, “We have updated our model to reflect actual 2Q earnings. We have revised our FFO estimates for 2013, 2014 and 2015 from $3.56, $2.84 and $3.64 to $3.30, $2.66 and $3.72, respectively, mainly on account of reduced REVPAR assumptions. In addition, we lower our target price to $35 from $36 previously. This assumes that RHP shares can trade at close to 13x (up from close to 11.5x previously) our 2014 EBITDA estimate, one year from now.”
Ryman Hospitality Properties closed on Tuesday at $34.78.
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