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BMO starts Hersha coverage as a bear

  • 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).

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SymbolLast Price% Chg
HT--
Hersha Hospitality Trust
HLT--
Hilton Worldwide Holdings Inc.
HST--
Host Hotels & Resorts, Inc.
MAR--
Marriott International, Inc.
PEB--
Pebblebrook Hotel Trust