Gilford Securities Lowers LodgeNet Estimates

Gilford Securities is cutting its LodgeNet Interactive Corporation

estimates following a lighter-than-expected third quarter. “LNET noted the Hollywood hits in Q3 of this year were not as robust and widespread as last year's Q3 slate,” Gilford writes. “Q4E sounds similarly soft pipeline. Near-term economic and discretionary purchasing clouds still hinder lodging spending in-room despite better occupancy and RevPar levels, yr/ yr. Hence, we cut our estimates. 12-mos. target is $3.00 based on 3.6x TEV/ ‘11E EBITDA.” LodgeNet currently trades at $2.76.