Goldman Sachs downgraded Starwood Hotels & Resorts Worldwide (HOT) to “sell” from “neutral,” citing weak company fundamentals and negative industry outlook. The brokerage said it was cautious on the hotels, given the fall in revenue per available room and continuing supply concerns.
Goldman also added Starwood to its conviction sell list, saying it expects fundamentals to start deteriorating in both the higher-end segments of the lodging industry, as well as international markets.
The brokerage cut its price target on Starwood’s stock to $27 from $40.
Shares of Starwood closed at $34.16 Friday on the New York Stock Exchange.
Source: Reuters
[...] Goldman’s downgrade of Starwood stock a few short days ago, both Wachovia and Zacks have rather nice things to say about HOT. Zacks [...]
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