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Compass Pt Rch & Trading LLC initiates coverage of Condor Hospitality Trust Inc. at 'buy'

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Compass Pt Rch & Trading LLC initiates coverage of Condor Hospitality Trust Inc. at 'buy'

Compass Point Research & Trading LLC analystSteve Shawinitiated coverage of CondorHospitality Trust Inc. with a rating of "buy," and aprice target of $12.

The analyst wrote in a research report: "We areinitiating on shares of CDOR with a Buy rating and $12.00 price target. Wethink the company's transformation over the last 18 months has been remarkable.The company brought in a proven CEO who executed a transformation of the firm.During that transformation, CDOR has sold approximately $85M of undesirable assetsand redeployed the proceeds into better branded hotels in stronger markets.With much of the heavy lifting done, the company converted most of itspreferred stock to common stock, engineered a reverse split, locked down acredit facility and launched a secondary offering. Those measures took thestock's market cap from ~$10M to $123M, and provided the company the necessarymeans to initiate its next growth phase of its plan."