B. Riley upgraded Service Properties (SVC) to Buy from Neutral with a price target of $2, down from $2.50. The firm sees both the company’s operational outlook and relative valuation as more attractive. The $471.5M of net proceeds from the follow-on offering should help address Service Properties’ near-term unsecured recourse debt maturities, the analyst tells investors in a research note. Riley believes the company is set up to begin deleveraging through retained earnings. It sees an attractive entry point at current share levels.
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