Evercore ISI raised the firm’s price target on Pebblebrook Hotel (PEB) to $13 from $12 and keeps an In Line rating on the shares after the company priced $400M in new convertible notes at a 1.625% coupon due in 2030, aimed at refinancing existing debt and repurchasing shares. This “strategic move to streamline its financials and enhance shareholder value” is less dilutive to AFFO than previously expected, the analyst tells investors.
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