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Janney Montgomery Scott initiates coverage of RLJ Lodging Trust at 'buy'

JanneyMontgomery Scott LLC analyst Tyler Batory initiated coverage of RLJ Lodging Trust with a rating of "buy."

The analyst wrote in a research report: "We think the stockcan outperform relative to other lodging REITs. We like the exposure to select-serviceassets given our bullish outlook for this segment of the industry. In the eventof a downturn, RLJ should also benefit from the geographic diversity of its portfolio,its strong balance sheet, ample liquidity, and a sustainable dividend. Our fairvalue is $24, which is 11x our 2017 adjusted EBITDA."