Pebblebrook Hotel price target raised to $13 from $12 at Baird

Baird raised the firm’s price target on Pebblebrook Hotel (PEB) to $13 from $12 and keeps a Neutral rating on the shares. The firm believes the company’s convertible debt private placement brings “cheap” financing and removes the maturity overhang on the shares. Baird has a positive view of the placement citing the lower than expected 1.625% coupon and the balance sheet’s extended maturity profile.