As previously reported, Northland downgraded LuxUrban Hotels to Market Perform from Outperform and removed the firm’s previous price target after the company reported audited calendar 2023 results with a filed 10K, including Q4 results, on April 15. The “key metric” of cash flow from operations, or CFO, of ($11.3M) was $7.6M below the firm’s estimate and the spread between CFO and the other “key metric” of adjusted EBITDA further increased from the Sept quarter, which makes the firm “more concerned” that its prior 14% mature free cash flow margin contention was “way too high,” the analyst tells investors.
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