As previously reported, Wells Fargo analyst Jeffrey Donnelly downgraded Hersha Hospitality to Underperform from Market Perform and lowered his price target on the shares to $16.75 from $17.50. The analyst cited his view that lodging stocks will find it difficult to outperform the broader equity REIT market in the face of a slowing economic environment, Hersha's outsized financial leverage vis-a-vis peers, and his belief Hersha's geographic exposure will not allow the company to deliver leading growth in a challenging environment. Moreover, Donnelly believes investors may not be receptive to potential ground up development under consideration in the Miami market.