NEW YORK— In line with the notation that the organization remains bullish on lodging REITs, Morgan Stanley’s North American Equity Research division here has raised its price target on LaSalle Hotels. Specifically suggesting the company’s preferred stock offering is likely to be dilutive, analysts reported they are decreasing their 2002 estimate from $1.97 to $1.90, but bumping up their 2003 estimate from $2.30 to $2.38. Additionally, they said they are increasing their 12-month price target, revising it to $16, based on a FFO per-share multiple of 7.0 using Morgan Stanley’s own 2003 estimates.
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