SINGAPORE (Apr 16): OCBC Investment Research has downgraded its recommendations for both Ascott Residence Trust (ART) and Far East Hospitality Trust (FEHT) to “hold” from “buy”, after a strong rally so far this year for the two hospitality REITs.
“ART and FEHT have inched up toward our fair value,” says lead analyst Deborah Ong in a Monday report. “As our fair values for each remain the same, we are downgrading both ART and FEHT today.”
The brokerage has a fair value estimate of $1.25 on ART and a fair value estimate of 68 cents on FEHT.
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