MLV Reaffirms Hold On LaSalle Hotel Following 3Q14 Results
In a research note issued yesterday, MLV analyst Ryan Meliker reaffirmed a Hold rating on LaSalle Hotel Properties (NYSE:LHO) with a $38 price target, following the company’s release of its third-quarter results.
Meliker wrote, “LHO produced a strong 3Q print, which featured a beat across the board which was carried through to guidance and then some. Facing tailwinds from a favorable 3Q calendar (Jewish Holiday impact), LHO posted double digit RevPAR and over 200 bps of margin growth which outpaced both consensus and MLV expectations. We note that LHO was fairly conservative during their 2Q print in revising guidance, so this guidance increase is likely a combination of the past few quarters of strong operating results and confidence moving into 4Q. Despite what we believe are elevated investors expectations across the lodging space heading into 3Q results, given the magnitude of the 3Q beat-and-raise, we expect LHO to outperform relative to peers and the broader REIT index tomorrow.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ryan Meliker has a total average return of 11.2% and a 69.6% success rate. Meliker has a 20.5% average return when recommending LHO, and is ranked #599 out of 3356 analysts.