S&P Capital IQ Downgrades LaSalle Hotel Properties from Buy to HOLD, Target Price Reduced

October 15 00:00 2011

NEW YORK, October 15 (RainbowNewsLine.com) – Analyst Royal Shepard of S&P Capital IQ has downgraded the shares of LaSalle Hotel Properties (NYSE: LHO) from BUY to HOLD, while reducing his estimates for the company. The target price has been reduced from $32 to $24

Analyst Royal Shepard, in a research note published yesterday, mentions that the Q3 Capital IQ’s consensus EPS estimate has dropped from $0.51 to $0.49. In addition, consensus estimates for 2011&12 have been reduced from $1.60 to $1.58 and from $2.09 to $2.03, respectively due to the concerns over economic slowdown and reduced spending by corporate & government clientele. The target price is reduced in order to reflect the vulnerability to federal spending cuts as 15% of LHO’s room base is in Washington D.C, the analyst adds.