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Goldman Sachs Checks Out Of La Quinta Holdings

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Goldman Sachs Checks Out Of La Quinta Holdings

La Quinta Holding Inc (NYSE: LQ) shares are trading lower by $0.46 at $10.85 in Monday's session. Although Goldman Sachs initiated coverage in the lodging sector with a Buy rating on Marriott International Inc (NASDAQ: MAR) with a 12-month price target of $81, the firm has initiated coverage of La Quinta at a Sell with a 12-month price target of $9.00.

The Goldman analyst cited a weak digital presence when the trend in the industry has been moving to mobile bookings.

So far, the price action in the issue has been muted. After a lower open, it popped a nickel to $10.98 before continuing its move lower. So far, a buyer has surfaced in the upper $10 handle, as $10.82 stands as the current, only $0.11 from its opening price of $10.93.

Related Link: Morgan Stanley On Hotel, Leisure Sector: 2 Upgrades, 3 Downgrades

The current low is just above its September 21 low ($10.76). If the decline continues beyond that level, its next daily support level comes in at its September 21 low of $10.40. That low was made after the issue had made three consecutive lows in the $10.60 handle, in its three previous sessions.

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Latest Ratings for LQ

DateFirmActionFromTo
May 2018Morgan StanleyMaintainsOverweightOverweight
May 2018Morgan StanleyMaintainsOverweightOverweight
Mar 2018Stifel NicolausMaintainsHoldHold

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