Analysts Downgrade: Ashford Hospitality Prime Inc.

Ashford Hospitality Prime Inc (NYSE:AHP) received a stock rating upgrade from Robert W. Baird on Mar-29-16. In a note to investors, the firm issued a Neutral rating and hiked the target price on the stock from $10 to $11. The analysts previously had an Underperform rating on the stock.

Analysts have a consensus target price of $12.00 in the 12-month period. The price objective is 4.62% higher than the recent closing price of $11.47. The 52-week price range is $8.37-$17.02 and the company has a market capitalization of $326.67 billion. Analysts covering the shares maintain a consensus Hold rating, according to Zacks Investment Research. One analyst has rated the stock with a sell rating, 5 has assigned a hold rating, 0 says it’s a buy, and 1 have assigned a strong buy rating to the company.

On March 28, 2016 Sessa Capital, owner of 8.2% of the outstanding common shares of Ashford Hospitality Prime, Inc. (AHP) continues to fight for the right of all Ashford Prime shareholders to have a fair election at the upcoming Company annual meeting, which the Company’s lawyers claim will be held the week of June 6, 2016. Sessa announced that it has filed a motion to dismiss Ashford, Inc.’s (“Ashford”) lawsuit filed against Sessa on March 22, 2016 in the District Court of Dallas County, Texas. Sessa filed this motion under two Texas rules, including the Texas Citizens Participation Act, Texas’ anti-SLAPP law that allows expedited dismissal of retaliatory lawsuits intended to intimidate and silence parties from speaking out on matters of public concern.

Ashford’s lawsuit is the third lawsuit against Sessa in the past five weeks, each filed by an entity controlled by Ashford group Chairman Monty Bennett. Sessa believes the latest lawsuit, which makes a series of laughable accusations, is without merit and intends to vigorously defend itself and its nominees. Ashford and Ashford Prime, where Monty Bennett serves as CEO and Chairman of each, have formed what Sessa believes is a group to pursue a litigation strategy with the goal of entrenching Ashford Prime’s incumbent directors. Sessa will not be intimidated by the collective actions of the Ashford group to prevent Sessa from asserting its rights to participate in a fair election.

John Petry, Sessa’s Founder and Managing Partner, stated, “It was apparently not enough for Ashford Prime’s Chairman, Monty Bennett, to use the shareholder resources of one public company in what we believe is an attempt to thwart shareholder democracy. Now, he is using a second public company in his campaign to cling to power and evade scrutiny. We will continue to fight these meritless claims.”

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