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Fly News Breaks for January 10, 2019
LHO, PEB
Jan 10, 2019 | 05:19 EDT
Goldman Sachs analyst Stephen Grambling reinstated coverage of Pebblebrook Hotel with a Sell rating and $26 price target, which represents 14% downside. The leverage taken on for the LaSalle Hotel (LHO) transaction creates an "adverse" risk/reward profile amidst a decelerating U.S. RevPAR environment and broader market turmoil, Grambling tells investors in a research note. He believes leveraging up late in the cycle creates more downside risk for Pebblebrook.
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