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MLV & Co Sees In-Line Results, Solid Guidance For RLJ Lodging Trust

Dwight Einhorn

In a report published Wednesday, MLV & Co analyst Ryan Meliker reiterated a Buy rating and $32.00 price target on RLJ Lodging Trust (NYSE: RLJ).

In the report, MLV & Co noted, “RLJ reported 2Q results that were largely in-line: Adjusted EBITDA came in at $107.6mm vs. consensus of $107mm, and FFO per share came in $0.02 above consensus at $0.74. RevPAR was strong, up 6.6%, among the best RevPAR prints we have seen this quarter. Despite what we would call in-line 2Q results, guidance moves considerably higher; up $15mm on the year. With guidance now materially above consensus at the midpoint, we expect estimates to move higher. Given the recent market pullback, we believe this print may be enough to drive outperformance tomorrow.”

RLJ Lodging Trust closed on Tuesday at $28.04.

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