American Hotel Income Properties downgraded to Underperformer at CIBC

CIBC downgraded American Hotel Income Properties to Underperformer from Neutral with a price target of 50c, down from 75c. The downgrade follows Q4 earnings results that “reflected a challenging economic environment,” and while some near-term balance sheet issues were addressed, the firm still believes the REIT faces a number of headwinds, including “a nearly fully utilized revolving credit facility, near-term debt maturities, an arguably difficult operating environment, and covenants that may limit the REIT’s financial flexibility.”