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Fly News Breaks for May 1, 2015
HST
May 1, 2015 | 11:06 EDT
Wells Fargo said it views Host Hotels' authorization to buyback up to $500M shares as a positive first step toward addressing concerns over its "conservative" capital allocation strategy, but the firm thinks investors won't assign a more premium valuation to its stock until the company shows a greater willingness to use its balance sheet. The firm keeps a Market Perform rating on Host Hotels shares and lowered its price target range on the stock to $21-$23.
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