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Fly News Breaks for June 17, 2019
AHT
Jun 17, 2019 | 07:44 EDT
As previously reported, DA Davidson analyst James Lykins downgraded Ashford Hospitality to Neutral from Buy and lowered his price target on the shares to $4 from $7 after the company disclosed that it is halving its dividend on Friday to use its excess cash for other purposes to help grow the business. The analyst notes however that the decision raises a near-term uncertainty which, along with industry headwinds, warrants a move to the sidelines. Lykins adds that leverage is among investors' main concerns regarding Ashford Hospitality shares.
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