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LQ

La Quinta

$18.66

-0.2 (-1.06%)

, WYN

Wyndham

$116.31

1.29 (1.12%)

07:53
02/13/18
02/13
07:53
02/13/18
07:53

La Quinta deal to join Wyndham system underappreciated, says Morgan Stanley

Morgan Stanley analyst Thomas Allen makes the case in a new note to investors that the market is missing the benefits La Quinta (LQ) gains from joining Wyndham's (WYN) system. For example, he estimates La Quinta hotels will be able to drop to below a 20% OTA mix and lower their average commission rate to about 15% given this will be the first time they will be part of a larger brand network. Noting that La Quinta shareholders will still own the hotels via the spin out into the Corepoint REIT, Allen raised his price target on the stock to $23 from $21 and keeps an Overweight rating on La Quinta shares.

LQ

La Quinta

$18.66

-0.2 (-1.06%)

WYN

Wyndham

$116.31

1.29 (1.12%)

  • 14

    Feb

LQ La Quinta
$18.66

-0.2 (-1.06%)

01/19/18
DBAB
01/19/18
NO CHANGE
Target $23
DBAB
Buy
La Quinta price target raised to $23 from $19 at Deutsche Bank
Deutsche Bank analyst Chris Woronka raised his price target for La Quinta (LQ) to $23 after the company announced the planned sale of its management and franchising business to Wyndham Worldwide (WYN). La Quinta's closing price implies that its owned hotel portfolio is being valued at just nine times estimated 2019 EBITDA, which is too low, Woronka tells investors in a research note. He believes the shares should re-rate higher and keeps a Buy rating on La Quinta.
01/19/18
GSCO
01/19/18
UPGRADE
Target $19
GSCO
Neutral
La Quinta upgraded to Neutral from Sell at Goldman Sachs
Goldman analyst Stephen Grambling upgraded La Quinta to Neutral and raised its price target to $19 from $15. Grambling said trends in Texas are strengthening and management's capital focus will profile an offset to his structural concerns.
01/22/18
WELS
01/22/18
DOWNGRADE
WELS
Market Perform
La Quinta downgraded to Market Perform from Outperform at Wells Fargo
01/22/18
WELS
01/22/18
DOWNGRADE
Target $20.5
WELS
Market Perform
La Quinta downgraded to Market Perform after Wyndham deal at Wells Fargo
As previously reported, Wells Fargo analyst Jeffrey Donnelly downgraded La Quinta (LQ) to Market Perform from Outperform following its deal to dispose of its management/franchise operations to Wyndham (WYN). The overall value of the sale of the LaQuinta brand and the CorePoint Lodging REIT spinoff is slightly lower than his prior expectation, said Donnelly. He notes that Wyndham is purchasing the LaQuinta brand operations for $8.40 per share net and now believes the equity in CorePoint is $11.75-$12.50 per share, which implies a value range of $20.15-$20.90 for the combined entity. Shares of La Quinta are currently trading near $20 per share.
WYN Wyndham
$116.31

1.29 (1.12%)

01/05/18
STFL
01/05/18
NO CHANGE
Target $125
STFL
Buy
Wyndham price target raised to $125 from $112 at Stifel
Stifel analyst Simon Yarmak, who notes he'd previously estimated Wyndham would be valued at $113 per share in a break-up scenario, has raised his estimated break-up valuation to $123 to reflect multiple expansion across the Lodging/Timeshare group. The analyst, who also updated his estimates to account for tax reform, raised his price target on Wyndham shares to $125 from $112.
01/19/18
GSCO
01/19/18
UPGRADE
GSCO
Buy
Wyndham upgraded to Buy from Neutral at Goldman Sachs
Goldman analyst Stephen Grambling upgraded Wyndham to Buy and raised its price target to $144 from $103. Grambling told telling investors Wyndham is a "key beneficiary" of direct and indirect tax reform, tailwinds in Florida, and valuation upside.

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