Cantor Fitzgerald Believes Summit Hotel Properties (NYSE: INN) Won’t Stop Here

By Austin Angelo

In a report released today, Gaurav Mehta from Cantor Fitzgerald reiterated a Buy rating on Summit Hotel Properties (NYSE: INN), with a price target of $19. The company’s shares opened today at $18.30, close to its 52-week high of $18.35.

Mehta said:

“Today, Summit Hotel announced an agreement to acquire a portfolio of 5 hotels with 812 rooms for $163m (expected closing in 30 days), bringing YTD total to ~$308.2m. Our current acquisition estimates included $200m in 2H (for ’17 of $345.2m) and $150m in ’18.”

According to TipRanks.com, Mehta is a 4-star analyst with an average return of 5.4% and a 65.5% success rate. Mehta covers the Financial sector, focusing on stocks such as Ashford Hospitality Trust, Mid-America Apartment, and Host Hotels & Resorts.

Currently, the analyst consensus on Summit Hotel Properties is Strong Buy and the average price target is $18.50, representing a 1.1% upside.

In a report issued on May 24, Canaccord Genuity also reiterated a Buy rating on the stock with a $20 price target.

Based on Summit Hotel Properties’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $118 million and quarterly net profit of $32.97 million. In comparison, last year the company earned revenue of $118 million and had a net profit of $48.46 million.

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Summit Hotel Properties, Inc. operates as a self-managed hotel investment company. It focuses on acquiring and owning premium-branded, select-service hotels in the upscale and upper-midscale segments of the U.S. lodging industry. The company was founded on June 30, 2010 and is headquartered in Austin, TX.