- Hersha Hospitality (HT -1.2%) falls 1.2% after BMO analyst Ari Klein initiates coverage of the REIT with an underperform rating due to Hersha's high exposure to the "challenging" New York City market.
- Klein picks up coverage of six hotel REITs and two hotel operators.
- Current environment is uncertain with few signs of a near-term pivot, but sees the tide turning eventually "as the economy's footing becomes more certain."
- Rates Hilton (HLT +0.3%) and Host Hotels & Resorts (HST +0.3%) outperform.
- Marriott International (MAR -0.2%), Pebblebrook Hotel Trust (PEB -0.8%), Park Hotels & Resorts (PK -2%), Xenia Hotels & Resorts (XHR -3.4%), and Chatham Lodging Trust (CLDT -0.2%) get a market perform rating.
- Hersha is the only one Klein rates underperform.
- via Bloomberg.
- Before this action, Sell-Side average rating for Hersha was Hold (1 Buy, 6 Hold, 5 Underperform).