Pebblebrook Hotel downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst William Crow downgraded Pebblebrook Hotel to Market Perform from Outperform without a price target. Crow is growing more concerned with the macro outlook and the likelihood that it will stall the lodging recovery, and tells investors in a research note that Pebblebrook’s balance sheet remains more leveraged than he’d prefer. Additionally, the analyst thinks the hurricane devastation in Naples will create some earnings volatility given the lag between lost profits and the collection of BI insurance, and the outlook for several west coast markets appear to be trending lower.