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Summit Hotel Priced IPO With Mixed Results (INN, IHG)

Administrator — Wed, 09 Feb 2011 13:48:19 +0000

Summit Hotel Properties, Inc. (NYSE: INN) has priced its IPO and is set to begin trading Wednesday morning. The deal has a bit of a mixed win-loss here in the terms and pricing. This IPO has a size of 26 million shares at $9.75 per share. The good news is that more shares were sold, but they were sold at a lower price. Our prior indication was for 23 million shares in a price range of $10.50 to $12.50 per share.

Underwriters in the deal were Deutsche Bank, Robert W. Baird, RBC Capital Markets, KeyBanc Capital Markets, and Morgan Keegan. The underwriters have been granted a 30-day option to purchase up to 3,900,000 additional shares at the public offering price to cover overallotments.

The company also expects to raise additional proceeds through a private placement to an affiliate of Intercontinental Hotels Group plc (BYSE: IHG).

Summit is a Hotel-REIT recently organized to continue and expand the existing hotel investment business of its predecessor, Summit Hotel Properties. It plans to focus exclusively on acquiring and owning premium service hotels in the upscale and middle markets without food and beverage segments in U.S. lodging. The initial portfolio of hotels will consist of 65 hotels with a total of 6,533 guestrooms located in 19 states.

Its brands include various Marriott brands, Holiday Inn Express, Hampton, Comfort Inn, Hyatt Place, aloft, Country Inn, and more. It has also acquired nearly $600 million in hotel properties.

JON C. OGG

Filed under: IPOs, REIT Tagged: IHG, INN

Top Analyst Upgrades and Downgrades (AAP, AMD, BKD, SCHW, MY, DF, DNN, IHG, PAAS, PWRD, VFC)

Administrator — Wed, 10 Nov 2010 13:31:27 +0000

These are some of this Wednesday’s key analyst upgrades, downgrades, and initiations seen in Wall Street research calls.

Advance Auto Parts Inc. (NYSE: AAP) Raised to Perform at Oppenheimer.
Advanced Micro Devices, Inc. (NYSE: AMD) Maintained Buy and $12 target at Gleacher & Co.
Brookdale Senior Living Inc. (NYSE: BKD) Raised to Outperform at Morgan Keegan.
The Charles Schwab Corporation (NYSE: SCHW) Cut to Market Perform at FBR.
China Ming Yang Wind Power (NYSE: MY) Started as Outperform at Credit Suisse.
Dean Foods Co. (NYSE: DF) Cut to Sell at S&P Equity Research.
Denison Mines Corp. (AMEX: DNN) Raised to Hold at TD.
Intercontinental Hotels Group (NYSE: IHG) Raised to Hold at Deutsche Bank.
Pan American Silver Corp. (NASDAQ: PAAS) targets Raised by Raymond James and by TD.
Perfect World Co., Ltd. (NASDAQ: PWRD) Started as Buy at Goldman Sachs.
VF Corp. (NYSE: VFC) Cut to Neutral at Bank Of America Merrill Lynch.

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JON C. OGG

Filed under: Analyst Calls Tagged: AAP, AMD, BKD, DF, DNN, IHG, MY, PAAS, PWRD, SCHW, VFC

Top Analyst Upgrades (ADPI, EXP, GE, GSM, IHG, ERIC, PMT, RHT, TKTM, VMW)

247wallst — Tue, 08 Sep 2009 12:09:17 +0000

These are some of the top early morning analyst upgrades and positive research calls we have seen from Wall Street early this Tuesday morning:

American Dental (ADPI) Started as Outperform at Robert W. Baird.
Eagle Materials (EXP) Raised to Neutral at JPMorgan.
General Electric (GE) raised to Overweight at JPMorgan.
Globe Specialty Metals (GSM) Started as Buy at Jefferies & Co.
Intercontinental Hotels Group (IHG) Raised to Outperform at Credit Suisse.
LM Ericsson (ERIC) Raised to Hold from Sell at Deutsche Bank.
PennyMac Mortgage (PMT) STarted as Buy at Deutsche Bank.
Red Hat (RHT) Raised to Buy at Goldman Sachs.
Ticketmaster (TKTM) Raised to Overweight at Thomas Weisel.
VMware (VMW) Raised to Buy at Goldman Sachs.

JON C. OGG

Posted in Analyst Calls Tagged: ADPI, ERIC, EXP, GE, GSM, IHG, PMT, RHT, TKTM, VMW

Top Analyst Downgrades (EGLE, IHG, NE, PHG)

247wallst — Fri, 08 May 2009 11:04:44 +0000

These are the top pre-market analyst downgrades we have seen early this Friday morning with more than two and a half hours until the open:

Eagle Bulk Shipping, Inc. (EGLE) Cut to Sell at Cantor Fitzgerald.
InterContinental Hotels (IHG) Cut to Hold at Jefferies.
Noble Energy (NE) Cut to Market Perform at FBR.
Philips (PHG) Cut to Neutral at UBS.

JON C. OGG

Posted in Analyst Calls Tagged: EGLE, IHG, NE, PHG

Top Pre-Market Anlyst Upgrades & Downgrades (IHG, MRVL, VAL, VSAT, MDRX, AAPL, COF, CHRW, NHY, TSON)

247wallst — Tue, 24 Feb 2009 12:23:42 +0000

These are some of the top pre-market analyst upgrades and downgrades we have seen on Wall Street early this Tuesday morning:

Intercontinental Hotels Group plc (IHG) Raised to Buy at Jefferies.
Marvell Tech (MRVL) Raised to Outperform at Barclays.
Valspar (VAL) Raised to Neutral from Underweight at JPMorgan.
ViaSat (VSAT) Started as Buy at SunTrust Robinson Humphrey.
Allscripts-Misys Healthcare (MDRX) Cut to Sell at Deutsche Bank.
Apple (AAPL) Cut to Underperform from Outperform at Calyon.
Capital One (COF) Cut to Neutral at JPMorgan.
CH Robinson Worldwide (CHRW) Cut to Underperform at Wachovia.
Norsk Hydro (NHY) Cut to Underweight at JPMorgan.
Trans1 (TSON) Cut to Market Performn at Wachovia.

Jon C. Ogg
February 24, 2009

Posted in Analyst Calls Tagged: AAPL, CHRW, COF, IHG, MDRX, MRVL, NHY, TSON, VAL, VSAT

Top Pre-Market Analyst Downgrades (AEP, CLNE, HTZ, IHG, QLGC, SPWR, SYMM, VAR)

247wallst — Mon, 11 Aug 2008 06:09:43 +0000

These are not all of the analyst downgrades or negative calls, but these are some of the calls we are seeing with a possible impact on shares early Monday morning:

American Electric Power (AEP) Cut to Neutral at JPMorgan.
Clean Energy Fuels (CLNE) Cut to Buy from Strong buy at Broadpoint.
Hertz Global (HTZ) Cut to Neutral at JPMorgan.
Intercontinental Hotels Group (IHG) Cut to Neutral at UBS.
QLogic (QLGC) Cut to Hold at Citigroup.
SunPower (SPWR) Cut to Neutral at UBS.
Symmetricom (SYMM) Cut to Market Perform at Morgan Keegan.
Varian Medical (VAR) Cut to Hold at Citigroup.

Jon C. Ogg
August 11, 2008