Ashford price target lowered to $14 from $18 at B. Riley

B. Riley lowered the firm’s price target on Ashford to $14 from $18 and keeps a Neutral rating on the shares post the Q4 results. The company continues to be weighed down by $478M in convertible preferred shares, which cost $36.4M annually in dividends to service, the analyst tells investors in a research note. . In addition, real estate asset managers have seen material valuation multiple compression, adds the firm.