B. Riley FBR analyst Eric Wold downgraded Red Lion Hotels to Neutral from Buy with a price target of $3.75, down from $11. After management reaffirmed guidance twice this year, "visibility into the underlying operating and franchise system is in question," Wold tells investors in a post-earnings research note. While sale agreements have been signed for four of Red Lion's hotels that would drive net proceeds to eliminate a majority of its outstanding debt, the analyst says he has to assume "those transactions are somewhat in question."Even though the shares declined by 56% on Friday, Wold is moving to the sidelines, given the "heightened uncertainty" around the underlying performance of the company's hotels and the increased number of franchisee terminations. He would need Red Lion's board to become more proactive before becoming more constructive on the shares.