Chatham Lodging initiated with a Buy at Alliance Global Partners

Alliance Global Partners initiated coverage of Chatham Lodging (CLDT) with a Buy rating and $12 price target The firm cites the company’s improving operating performance, internal growth opportunity from its exposure to Silicon Valley and Bellevue markets, potential stabilization of expense increases that should be a positive for margins, and asset recycling with a focus on improving the portfolio for the Buy rating. Chatham has seen an improvement in operating performance, with better RevPAR growth in September and October, the analyst tells investors in a research note.