KeyBanc Upgrades Summit Hotel Properties (INN) to Buy; Valuation Looks Good Again

KeyBanc upgraded Summit Hotel Properties (NYSE: INN) to Buy with a price target of $9.00.

KeyBanc analyst says, "We are raising our investment rating on Summit Hotel Properties as we believe the recent market downturn has created a compelling buying opportunity. We lowered our opinion from a BUY to a HOLD on August 8 at $10.65 and since then the shares are off 37% (S&P 500 is up 2% over that same time frame) and the shares currently sport a 6.7% dividend yield. Additionally, INN trades at the lowest EV/Key in our lodging REIT coverage universe at $67,000 per key vs. the group average of $172,000 per key. "

For more ratings news on Summit Hotel Properties click here and for the rating history of Summit Hotel Properties click here.

Shares of Summit Hotel Properties closed at $6.70 yesterday.

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