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DRH

DiamondRock

$10.85

0.11 (1.02%)

07:01
12/17/19
12/17
07:01
12/17/19
07:01

DiamondRock upgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Austin Wurschmidt upgraded DiamondRock to Sector Weight from Underweight as part of a broader research note on the REIT sector. The analyst says the setup for DiamondRock into 2020 appears better than 2019, as challenges from a tough year for citywide calendars across its market improve. While lodging fundamentals remain challenged broadly, and markets like NYC could continue to find their footing due to elevated supply, the analyst says the relative setup for DiamondRock vs. peers appears to be improving.

DRH DiamondRock
$10.85

0.11 (1.02%)

06/26/19
WELS
06/26/19
UPGRADE
WELS
Market Perform
DiamondRock upgraded to Market Perform from Underperform at Wells Fargo
06/27/19
WELS
06/27/19
UPGRADE
Target $10.5
WELS
Market Perform
DiamondRock upgraded to Market Perform from Underperform at Wells Fargo
Wells Fargo analyst Jeffrey Donnelly last night upgraded DiamondRock Hospitality Company to Market Perform from Underperform and raised his price target for the shares to $10.50 from $10. In 2020, many of DiamondRock's core markets and assets may show accelerating RevPAR growth, thereby mitigating the relative performance gap from 2019, Donnelly tells investors in a research note. Further, he believes the company's 20% discount to net asset value in the sector is increasing pressure on management teams to explore share repurchases.
08/19/19
WELS
08/19/19
INITIATION
Target $9.5
WELS
Market Perform
DiamondRock resumed with a Market Perform at Wells Fargo
Wells Fargo analyst Dori Kesten resumed coverage of DiamondRock with a Market Perform and a $9.50 price target. The analyst would expect the company to be active in repurchasing shares in the second half of the year given that Danaher trades at what management estimates to be a 30% discount to NAV, its leverage implies about $300M in investment capacity, and its outlook for 2020 is relatively positive based on its group bookings and exposure to markets with strong convention calendars. That said, the company is trading at a 0.3-times turn premium to the lodging REITs' 2020 consensus EV/EBITDA, after having traded at a 0.7-times turn discount over the last 3 years, leading Kesten to believe the shares are fairly valued.
11/21/19
WELS
11/21/19
UPGRADE
Target $11
WELS
Outperform
DiamondRock upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Dori Kesten upgraded DiamondRock to Outperform from Market Perform with a price target of $11, up from $10. The analyst believes that the company can generate the strongest total RevPAR growth in 2020 among its peers while also taking advantage of the spread between public and private asset pricing through the disposition of one or two assets combined with share repurchases. Kesten adds that DiamondRock enterprise to expected FY20 EBITDA multiple is inflated by the lack of earnings from Frenchman's, without which the stock would trade at a discount relative to the lodging REIT average "despite a stronger growth profile, lower leverage, and higher dividend coverage."

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$0.80

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