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Fly News Breaks for November 21, 2019
Nov 21, 2019 | 19:53 EDT
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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