BofA double upgrades ‘hidden gem’ DiamondRock to Buy

As previously reported, BofA double upgraded DiamondRock (DRH) to Buy from Underperform with a price target of $9.50, up from $8. The portfolio’s geographic mix skews favorably toward less recovered markets, new supply is limited and is likely to remain muted in the current environment, and the portfolio is about 94% unencumbered, providing greater flexibility and optionality, the analyst tells investors about the “hidden gem.”