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Fly News Breaks for October 23, 2015
LHO
Oct 23, 2015 | 06:17 EDT
Credit Suisse downgraded LaSalle Hotel to Neutral and lowered its price target to $31 from $37 on shares. Analyst Ian Weissman said management has been forced into a corner by the unions into closing both the Park Central and WestHouse hotels for nearly 9 weeks, and displacing $7.2M of EBITDA. Weissman believes management made a "huge mistake" by not disclosing the information to investors and will likely place the stock in the penalty box but sees a floor around $28 per share.
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