As previously reported, Wells Fargo analyst Dori Kesten upgraded DiamondRock to Overweight from Equal Weight with a price target of $9, down from $10.50, citing the firm’s analysis that takes into account the lodging REITs’ historical spread to the 10yr Treasury, liquidity, maturities, and its 2023/2024 estimates. Wells notes that Apple Hospitality REIT ranked in the top 3 of its liquidity analysis, has debt maturing in 2023/2024 that amounts to just 5% of its respective market capitalizations, and share price has lagged its peers year-to-date by 400-450bps.
Published first on TheFly
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