Barclays initiated coverage of RLJ Lodging Trust (RLJ) with an Underweight rating and $6 price target The firm launched coverage of seven hotel real estate investment trusts. The firm believes the hotel REITs will continue to function mainly as a short- term trading sector for many REIT investors, rather than as a potential source of long-term excess returns. Barclays favors companies with “definable business strategies and solid balance sheets.” It views RLJ shares as overvalued at current levels.
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